Soft Thinking About A Soft Landing

The New Economy is full of surprises. Year after year, economists and policymakers are surprised by higher productivity, lower inflation, and faster growth than expected. And lately, just as the Goldilocks economy has appeared to be heating up too dangerously, comes something else unexpected: Growth now appears to be slowing. Just a few weeks ago, economists thought that the Federal Reserve wasn't doing enough to cool things down, but new data show they might be wrong. This turn of events demands a period of watchful waiting for the Fed to see what else unfolds.

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