“I think we are likely to see a recession in 2023 as the Fed’s policy continues to work to constrain demand. It’s fairly straight forward to get inflation down to say four percent… but if chair Powell really means two [percent], that’s going to take a significant restraint of demand and a significant increase in unemployment. So I think while a recession isn’t baked in the cake, it’s certainly more likely than not.” – Glenn Hubbard
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