Then what is the safe rate toward equilibrium?

 The credit cost needed to correct government disruptions in goods. Credit is used to adjust supply and demand imbalances. This follows.

I went through the numbers after revenue sharing hedged most of it. The rate is small, less than one. But toward equilibrium is toward price neutrality. Paying for the residual government wobble with an inflation tax is likely an equilbriating move, if accompanied by revenue sharing in the 'pits'. Pit is important, it is Coasian. We want those bidding wars once a budget. The resulting hedge will always minimize the safe rate, our Fed taxes gone.