The Fed braces for a harder landing

Even before the FOMC meeting and in a survey period that ended on June 10, 2022, which was the day of the hot May CPI print, the respondents to the BoA Global Fund Manager Survey showed a high degree of anxiety about a recession.

Here is the bad news. At the post-FOMC meeting press conference, Fed Chair Jerome Powell pointedly responded to a question with, "We are not trying to induce a recession". Despite the "softish landing" rhetoric, it is becoming clear that the Fed is trying to induce a recession.

The full post can be found here.