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The Odds Don’t Favor the Fed’s Soft Landing
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wsj.comFederal Reserve Chairman Jerome Powell explained this week what he and his colleagues hoped to accomplish with the interest-rate increases they initiated last week. “The economy achieves a soft landing, with inflation coming down and unemployment holding steady,” he told a conference of economists.
In 1965, 1984 and 1994, the Fed raised interest rates enough to cool an overheating economy without precipitating recession, he noted, adding it may have done the same in 2019 but for the Covid-19 pandemic.
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