Late last month, the Federal Reserve announced the latest incremental raise in its key interest rate, pushing it to the highest level in 22 years, as it continues to battle what it calls persistent inflation.
The increase, a quarter of 1%, renewed the debate among economists and politicians over whether the Federal Reserve’s anti-inflation actions will slow the economy into what’s termed a “soft landing,” or ignite a recession.
The recession that many economists thought would have happened by now hasn’t raised its ugly head, leading to I-Told-You-So’s from the ones who hadn’t seen a downturn on the horizon.
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