Fed Willing to Risk Recession to Bring Inflation to Heel: Federal Reserve Chair Jerome Powell gave a forceful speech in Jackson Hole, WY, on August 26 in which he emphasized that the FOMC's "overarching focus right now is to bring inflation back down to our two percent goal." In our view, the FOMC does not want to put the economy into recession. But it appears willing to risk one in order to bring inflation back down to the 2% target.

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