Quick to begin, not to end, I should add. I agree it would likely be a pretty severe recession. Letting inflation run wild for a decade is probably the less pa

Quick to begin, not to end, I should add. I agree it would likely be a pretty severe recession. Letting inflation run wild for a decade is probably the less painful path all else equal, but for legacy reasons Powell won’t choose that route. He would be remembered as a failure, just as Arthur Burns is. I would add that goods inflation is actually coming down, it’s much more about services inflation now which is labor supply driven, primarily. Services make up a majority of the CPI and aren’t impacted by logistics for the most part.