Seth Carpenter, Morgan Stanley chief economist and former Federal Reserve deputy director of monetary affairs, thinks there is no way around a sharp slowing of the economy as the Federal Reserve embarks deeper into its rate hiking cycle.
“If you think about what the Fed itself thinks is the long-run sustainable growth rate of the economy, they think that rate of growth is below 2%. And so if you take a growth rate in the economy that’s above 5% or 6%, and you’re going to try to bring it down…
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