A piece in the Wall Street Journal lists 'advanced economy' central banks that have raised rates in recent years, only to resort to cutting again.
It asks if there are lessons in this for the US central bank this week.
The Journal lists eurozone, Sweden, Israel, Canada, South Korea, Australia & Chile, but says there are at least a dozen (they didn't mention NZ, for example).
It then looks more closely at Sweden's experience:
Sweden began to raise rates in 2010
The increases were followed by a drop in inflation and a reversal in employment gains
With an escalating debt crisis in Greece exacerbating the hit to Sweden's economy, the Riksbank reversed course and was cutting rates by December
"Tightening too early can have very large costs, as it has had in the Swedish case," said Lars Svensson, who quit as Riksbank deputy governor in 2013 in protest at the bank's policy decisions.
There is more at the article, which does not appear to be gated: Lesson for Fed: Higher Interest Rates Haven't Been Sticking
What say ForexLive traders?
Maybe a tiny 0.1% hike from the Fed this time?
If they do hike, the pace of subsequent hikes is going to be excruciatingly slow. I would think.