As the Fed raises rates to fight the inflation it caused, it now enters the 'Wile E Coyote hanging in the air hoping he won't fall into recession' stage of the business cycle. Rothbard explains more elaborately in this great essay:

This essay by Rothbard is a great overview of business cycles and inflation, and a great way to see just how mendacious, criminal, and destructive Keynesian propaganda has been this past century