It takes a brave leader to try to hit the brakes on a booming economy in order to rein in inflation, but Jerome Powell appears to be doing just that—and so far, without triggering a recession. As the 16th chair of the Federal Reserve, he has hiked interest rates closing in on a dozen times […]
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Welcome to the New ‘Good’ Economy, Where Millions Get Left Behind
Treasury Secretary Janet Yellen said last week that prices probably won’t ever go back to pre-pandemic levels, but that American workers are fine since they are making more money on average. That may come as a surprise to workers around the country who feel deep pessimism about the economy, and a closer look at numbers […]
Read MoreThis Is Biden’s Soft Landing, and He Deserves Some Credit
Was there a great cry of huzzahs? For Fed Chair Alan Greenspan, yes. The soft landing of 1993-1995 created the bipartisan myth of invincibility that clung to Greenspan until the Great Recession of 2007-2009. (Before Greenspan’s fall, Bob Woodward actually titled a book-length portrait of the Fed chief Maestro.) But while it’s certainly true that the […]
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