Hope springs eternal at the Federal Reserve. At a time when all clues point to a recession before year’s end, the Fed clings to the belief that it can slay the inflation dragon while securing a soft economic landing. This does not bode well for the economic outlook. It likely means that much in the same way as last year the Fed kept monetary policy too loose for too long thereby producing multi-decade high inflation, it will now keep monetary policy too tight for too long. That risks producing an even deeper economic recession to bring inflation back under control. While Fed Chairman Jerome Powell keeps assuring us that we can avoid a recession, the Atlanta Federal Reserve seems to
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