, Columnist
Money Can’t Buy You Delay From a Recession Forever
Indicators are going to catch up as the lingering pandemic stimulus runs down. Consumers need to position themselves now for next year.
Shoppers cross Geary Street in San Francisco on Black Friday.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
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It must be one of the most widely used phrases of the second half of this year. Federal Reserve Chair Jerome Powell himself regularly reminds us that monetary policy acts with “uncertain lags” and the full effects of the central bank’s aggressive rate hikes have yet to be felt. If the Fed is going to force the US into a recession, in other words, that economic slowdown wouldn’t be expected to start until next year.