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Transcript: Jan Hatzius on the Narrow Path to Avoid Hard Landing

Goldman’s top economist says the labor market is just too out of balance.

Jan Hatzius, chief economist at Goldman Sachs, speaks during a Bloomberg Television interview in 2017. 

Jan Hatzius, chief economist at Goldman Sachs, speaks during a Bloomberg Television interview in 2017. 

Photographer: Christopher Goodney/Bloomberg

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The main question for the economy is whether or not we can see a big drop in inflation without a major recession or increase in the unemployment rate. On this episode of the podcast, we speak with Goldman Sachs Chief Economist Jan Hatzius, who thinks it’s a longshot, and that it will be difficult to avoid a hard landing. The transcript has been lightly edited for clarity.