Fed Can Only ‘Kill the Economy’

Jerome Powell and the Federal Reserve have been on a crusade to navigate the U.S. economy to a soft landing rather than a hard crash as it struggles to fight 40-year high inflation while averting a recession.Can the central bank achieve this ostensibly difficult objective?
If the central bank’s track record is anything to go by, the Fed is “not omniscient,” says Judy Shelton, a senior fellow at the Independent Institute and former Federal Reserve board nominee, in a wide-ranging interview with The Epoch Times.
According to Shelton, it will be challenging to prognosticate the lasting effects of pushing up the benchmark Fed funds rate to a neutral level after exerting tremendous influence on the economy for the last two years.
“I think it’s also hard to say what will be the impact and what will be the timing of the impact of ratcheting up interest rates to the po …

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