Federal Reserve Chairman Jerome Powell conceded on Wednesday that the chances of avoiding a recession have diminished as the central bank raises interest rates.
Amberwave Partners co-founder and portfolio manager Stephen Miran says investors have gotten used to being 'bailed out' by the Federal Reserve.is seemingly walking away from the promise of a soft economic landing as the U.S. central bank tries to wrestle inflation under control with the most aggressive interest rate hikes in decades.without crushing growth – is possible, but he seemed to abandon that stance on Wednesday.
"The chances of a soft landing are likely to diminish to the extent that policy needs to be more restrictive, or restrictive for longer," he said. "Nonetheless, we’re committed to getting inflation back down to 2%. We think a failure to restore price stability would mean far greater pain."
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