We have a term for the intentional infliction of pain on others: cruelty. So what are we to make of the Federal Reserve Board?
The Fed, in statements associated with its campaign to bring down inflation, has referred to the challenge of bringing about a "soft landing" — that is, reducing inflation without significantly slowing the economy or even provoking a recession.
Asked at his press conference Wednesday about the consequences of the Fed's efforts at "restoring price stability," Fed Chairman Jerome Powell replied that "no one knows whether this process will lead to a recession or if so, how significant that recession would be."
