Federal Reserve Chairman Jerome H. Powell stated this week that there are a little things he does not know about the U.S. economy.
He has no idea if the economy is doomed to fall into recession.
He doesn't know how long will high inflation remain.
Also, if healthier supply chains will help or not.
Public confessions of doubt are very rare in official Washington.
The Dow Jones Industrial average fell four consecutive four days.
Indeed, no one has seen the economy like the present one.
Even with the added, planned rate hikes, the Fed does not expect yearly inflation to return to its 2-percent price-stability level before late 2025.
Profound Uncertainty is not resulting in slow movement and growth of Fed.
Since March, the Fed has increased its benchmark lending rate by a complete 3 percentage points.
This is the fastest increase of size since 1982.