Bloomberg with report (gated):
- Fed will likely need to make “inexorable” rate increases in order to contain surging price pressures
And warned:
- “You have to raise rates, but you don’t want to tip the economy into recession,”
- “If you tip the economy into recession you get stagflation, that’s really bad.”
Gorman said a 50bp hike in March was 'locked in' but:
- “I’d be stunned if they do that because you can’t throw boldness on top of uncertainty.”
Well, yeah.
