The Federal Reserve has raised interest rates again, and this time the act carries the weight of a structural reckoning rather than a tactical adjustment. Inflation, long expected to yield to monetary pressure, has proven more deeply rooted than the old models anticipated — sustained by wage growth, persistent services costs, and an economy that refuses to slow down on cue. What is unfolding is not a temporary correction but the closing of a long chapter: the era of cheap money has ended, and the economy is still learning what comes next.