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As central bankers are discussing the transmission of monetary policy at Jackson Hole, following an aggressive global tightening cycle, we make our own assessment in this report. The rate hiking cycle has left many economies vulnerable as the interest rate sensitive parts of the economy (which include durable goods consumption, residential and non-residential investment) are feeling the impact of monetary tightening. While many central banks are easing policy, surgically achieving a soft landing will go against the experience of past tightening cycles.