Earlier this week, at a hearing before the U.S. Senate Banking Committee, Federal Reserve Chairman Jerome Powell told Congress it’s “essential” to bring inflation down to a more sustainable rate.
say the Fed’s efforts to control inflation have increased the likelihood that the U.S. will enter a recession in the next year.Experts say it’s still possible for the Fed to engineer a “soft landing” for the economy in which well-targeted hikes temper inflation without stunting economic growth. But, given how difficult that needle may be to thread, there’s debate over whether it’s worth risking a recession if it means getting inflation under control.
“A recession is becoming increasingly likely but the longer we wait, the tougher will be the medicine when we face it.” — Peter Morici,“Interest rate increases will not remedy the major causes of the current inflation—huge pent-up worldwide demand from two years of pandemic, shortages of goods and services responding to that demand, Putin’s war in Ukraine, and big profitable corporations with enough pricing power to use inflation as a cover for pushing up prices even further.
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