For liftoff is only the start of the process of normalization, and, going forward, the FOMC will once again be changing the federal funds rate as necessary, both up and down. Accordingly, discussion of monetary policy needs to begin to shift to the future path of interest rates, and thus to the basis on which the FOMC will set interest rates following liftoff.
There has been a lively discussion of one element of the future path of the federal funds rate: whether liftoff should be sooner with a gradual rise in the rate, or whether liftoff should occur later and be followed by a steeper path of the rate.