Delong, A lift off is a recession cycle

What More Has to Happen Before the Fed Concludes That This Looks Like Yet Another Failed Interest-Rate Liftoff?

What other RBC proof do we need than major economists planning a rate cycle.   Here is a clue, if the Fed were really doing its job, then rates, at any given time, are equally likely to go down or up.  When we plan a cycle, we plan a recession.