The Federal Reserve, the Biden administration, and many in economics, finance, and business have all been pulling for a soft landing — a gradual reduction of inflation without heavy unemployment or a recession.
It surely beats a hard landing in which the economy hits the ground hard in a slowdown and unemployment spikes. Anyone who wants a result like that must seem part sadist, part masochist.
But markets are wondering whether the upshot will be no landing — strong economic growth with employment but inflation remains a problem and little to no room for the Fed to cut rates. That in turn means interest rates remain higher.
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