"Inflation is moderating, and some economists think that we have seen the worst of it. Wage growth remains strong, though, and until that changes, it is going to be very difficult if not impossible for the Fed to get inflation back to 2 percent. The Fed insists that its target rate is inviolable; it raised interest rates again last month and indicated that more increases are likely. There’s a good chance that the Fed could push the economy into recession. As former Treasury secretary Lawrence H. Summers put it when we spoke recently, 'It’s hard to stop a car on ice without skidding.'"
