Jerome Powell and the Federal Reserve have been on a crusade to navigate the U.S. economy to a soft landing rather than a hard crash as it struggles to fight 40-year high inflation while averting a recession.
Can the central bank achieve this ostensibly difficult objective?
If the central bank’s track record is anything to go by, the Fed is “not omniscient,” says Judy Shelton, a senior fellow at the Independent Institute and former Federal Reserve board nominee, in a wide-ranging interview with The Epoch Times.
According to Shelton, it will be challenging to prognosticate the lasting effects of pushing up the benchmark Fed funds rate to a neutral level after exerting tremendous influence on the economy for the last two years….