Facing recession and political pressure, the Fed will move inflation goalposts ...Middle East

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Facing recession and political pressure, the Fed will move inflation goalposts
Here’s a prediction: Six months from now, we will be in a recession and unemployment will be rising. By the third quarter of 2023, Federal Reserve Chairman Jerome Powell will announce that 2 percent is no longer a viable inflation target, and that 3 percent or 4 percent is a more reasonable goal. Why will he abandon his oft-repeated 2 percent guidepost? Because President Biden will be running for a second term and will be franticly pitching the success of his economic agenda — a “success” that has left Americans pessimistic and poorer. The pressure on Powell to tee up Biden’s reelection in 2024 will be immense. He has already shown himself vulnerable to political influence; the only

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