The biggest move in US rates over the second half of the decade was the easing in late 1998 as a result of the “credit crunch” which followed the Russian default and the demise of the hedge fund LTCM.
Waiting too long to act has usually led to much greater direct costs of the intervention itself and, more importantly, magnified the painful effects of financial turmoil on households and businesses. That is not the situation we face today.