Commentary It’s a phrase I haven’t heard in a long time. You would hear it back in the days before zero interest rates ruled the land when the Fed actually used interest rates to manage its monetary policy. It referred to one outcome of a Fed policy adjustment when an economy got overheated. It’s called a “hard landing.” When the economy becomes overheated, usually due to too easy monetary policy, the Fed would step in and start raising interest rates to cool things down. If they were able to gradually adjust rates without inflicting undue economic pain on people and businesses carrying debt—i.e. if it didn’t send the economy spiraling into a recession—it was called a “soft landing.” If crosswinds picked up on the final descent. … Well, I’m sure you get the point. Throughout most of 2021 Goldman Sachs, in lock step with the Fed, painted a pretty rosy …