Fed is willing to risk recession now to avoid much worse recession later
Federal Reserve officials are determined to prevent something they view as worse: a change in consumer psychology that could sustain high inflation.
At the root of the approach is the fear that households and businesses will come to expect high inflation to persist, which can cause it to do so. That would require the Fed to increase rates more than otherwise to break that mind-set.
WSJ 5 July 2022
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