After November 2019, the market believed that the Fed would not cut interest rates in 2020, but then it cut them to zero in March; At the end of 2020, the view that the global V-shaped recovery would be sustained and that inflation would rise but be manageable forged the "inflation is temporary" narrative by Powell in Q1 2021; At the end of 2021, the high assessment of the Fed's rate hikes was severely inadequate, and it ultimately raised them at the fastest pace in decades.