Squeezing out the last bit of excess inflation and reducing it to the Federal Reserve's 2% target rate is expected to be a much harder and slower grind.
, the government said, the slowest pace in a year and a half.
At his most recent news conference, Fed Chair Jerome Powell sounded some cautious but hopeful notes about the prospect of a soft landing. Yet a defining characteristic of the post-pandemic economy has been resilience, with consumers in particular showing a surprisingly persistent willingness to spend. Some economists worry that it will take a sharp rise in unemployment to reverse that trend and finally conquer inflation.
"The Fed’s aggressive rate hikes disproportionately threaten Black workers and their families and risk fully reversing the extraordinary labor market gains we have seen," Warren, a frequent Fed critic, wrote.
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