Central bank forecasts have been “horribly wrong” recently

The Australian’s Washington Correspondent, Adam Creighton, says it is in the Fed and Treasury’s interest to insist on a soft economic landing, but we know from their predictions over the past few years “they have been wildly wrong”.

“I think the best guide to that question is history and usually there’s a hard landing,” he told Sky News Business editor Ross Greenwood.

“Especially when you have such a rapid acceleration in official interest rates the likes of which we haven’t seen in decades.”

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