The overriding message out of the Federal Reserve's communications on Wednesday was a simple one: Its leaders believe that some meaningful economic pain is necessary to bring inflation down, and they are willing to impose it.
Why it matters: The Fed is now forecasting a meaningful rise in unemployment over the next year as it pushes interest rates to their highest levels since 2007 — which implies that it will not only tolerate a recession or near-recession, but see it as evidence of success.
