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Powell’s ‘Soft Landing’ Is Almost Impossible

Powell’s ‘Soft Landing’ Is Almost Impossible
Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve on May 4, 2022. AP Photo/Alex Brandon
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Commentary

After more than a decade of chained stimulus packages and extremely low rates, with trillions of dollars of monetary stimulus fueling elevated asset valuations and incentivizing an enormous leveraged bet on risk, the idea of a controlled explosion or a “soft landing” is impossible.

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