Where exactly are you seeing inflation? Food and energy are flat to down. Housing has basically flatlined. The Fed was raising rates for the sake of raising rates and having some ammunition in its back pocket to be able to loosen monetary policy in the event the economy slowed down.
I’m not saying that a slowdown is impossible, but a 2008 scenario, which was triggered by the bubble bursting in a very loose-lending housing market, created by rising interest rates (Fed Funds hit 5.25% in 09/2007), is unlikely. There’s no catalyst for it this time around. I think, at worst, we have a soft landing, and the economy sputters along at 0-1% growth for a few quarters before the Chinese turn on the printing press and everything normalizes.