Last year, most economists were convinced that a recession—whether “garden variety” or something akin to “another Great Depression”—was on the way. The Federal Reserve’s aggressive interest-rate hiking campaign, designed to tame inflation, would eventually slow economic growth to a standstill, they claimed, sparking a wave of layoffs across the nation. But that hasn’t happened.
Throughout 2023, many top Wall Street economists, CEOs, and billionaire investors have been forced to delay or revise their pessimistic forecasts. Months of steady job gains, fading inflation, and resilient consumer spending have bolstered the case for a “soft landing”—where inflation is controlled without the need for a job-killing recession. Just take a look at the polls.
