The crypto market has melted down. Home prices in major markets are dropping. Investors in stocks and bonds are suffering. And that could be the best-case scenario for Federal Reserve Chair Jerome Powell.
The biggest danger in Federal Reserve Chair Jerome Powell’s battle against spiking prices is that interest rate increases take time to feed through to economic activity. | Patrick Semansky/AP PhotoThe crypto market has melted down. Home prices in major markets are dropping. Investors in stocks and bonds are suffering.
To be certain, the risks for the economy are still heavily weighted on the downside, as Wall Street executives like JPMorgan CEO Jamie Dimon warned last week. “Inflation,” Dimon said, “is eroding everything.” And it’s not just a U.S. problem: Inflation has also soared in countries throughout the globe, fed by supply chain snarls and Russia’s war in Ukraine, while higher rates in the U.S. have especially slammed smaller economies, raising the possibility of a synchronized global recession.
“But we always have to caveat that,” the official added. “You can never be fully confident in periods where you think the risks of potential shocks are high.”
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