Is There a Deep Recession to Curb Inflation?

Why don't we think about the depth of the recession needed to curb inflation? The market can talk all at once about a soft landing, but as explained above, we need an l shaped adjustment in activity. Zolton wraps by basically arguing that the fed pivot is wishful thinking. Once you go down the path of invoking paul voker's legacy, you can't avoid making good on that promise. If you do, you damage the Fed's reputation irreparably. Between a deep recession and damaging the fed's reputation as an institution, the deep recession is the lesser of two evils. I highly recommend that you read the whole piece, hold aside all the specifics. This is

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