Macro traffic lights - 2022, page-56

"It's better to have a regular recession now, because in the end, recessions are inevitable, you're probably just bringing one forward, rather than doing really structural damage to the economy by allowing inflation to become truly embedded."
https://www.abc.net.au/news/2022-07-13/rbnz-new-zealand-economy-interest-rates-rba/101229678

A degree of inevitability being expressed by a banks chef economist.

The RBA has 2 jobs. Manage unemployment and inflation. They want one to go up in a controlled manner to reduce the other.

The market has not prepriced an earnings decline.