The Fed’s Pessimistic Outlook for 2023

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Slower growth and higher unemployment – these are the main projections for the economy in 2023 and beyond from the Fed’s Summary of Economic Projections. After the welcome news of cooling inflation in July, a worrisome increase of core inflation in August reminded economists and journalists that the war against inflation is far from over. In the words of Jerome Powell: “Without price stability, the economy does not work for anyone.”

Across the globe, central banks are rapidly raising interest rates. But, this pursuit of slower inflation may have some unsavory consequences. The first side effect

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