The accidents have started

Over the past several months, as interest-rate expectations have risen rapidly, we have worried about the risk of “accidents” — failures of firms, which can freeze financial markets.

Economic forces are mostly self-adjusting — a rise in interest rates to fight inflation can slow the economy, and once inflation is lower, rates can fall again. This is akin to us standing on a hill and planning to move to another hill: If all goes well, we can land at the same or better place. The challenge is in crossing the valley in between. As former Fed chairman Ben Bernanke