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Opinion
Eduardo Porter

You Won’t Like What Comes After Inflation

The post-inflation new normal could look a lot like the low-growth hole the US was in for years.

A return to secular stagnation beckons.

A return to secular stagnation beckons.

Photographer: Universal History Archive/Universal Images Group via Getty Images

After we curb inflation, then what?

We have lost sight of this question over the last year or so, caught up in the drama of a price spiral unprecedented in most of our lifetimes. But whether the Fed has crashed the economy into a recession or still manages to engineer the soft landing, we are likely to emerge from this episode into a difficult economic landscape that presents problems with no straightforward solutions.