On the other hand, it’s an open question just how much confidence we should gain from the lack of catastrophe “so far.” The battle against inflation is far from over. Arguably, it has barely begun. Gentle economic declines can become sudden, vacuumous sinkholes without much warning – and the risks that really matter are the ones that are hidden from talking heads like me. Otherwise, they wouldn’t really be risks.
Powell’s Interest-rate Antibiotics Could Succeed, But Not Without Risk
