This is a very good way to put it. And implicitly an argument that (1) lags are indeed long and variable, and, (2) contrary to the new view of monetary lags, we hadn't actually faced most of the contractionary effect of 2022's rate hikes before SVB fell, right?

Seems like a very promising ECI report. Private wage and salary growth moves closer to in-line with the quickly-normalizing AHE in recent months. And, a big pay increase where it's likely really needed - state and local govts faced with hiring crunches.