The economic mess we’re in

The Federal Reserve’s monetary policy committee is meeting this week, and now comes the hardest part for Chairman Jay Powell. It is already being criticized for a future recession, although the central bank has barely tightened policy. We’re about to find out if Mr. Powell has the guts to make up for the Fed’s big inflationary mistake.


The economic background of the Open Market Committee is rare and troubling. Inflation rages while growth slows. The central bank finds itself in the strange position of having to raise interest rates on Wednesday when a day later the Commerce Department could signal a second consecutive quarter of negative economic growth.


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