US moving towards normalcy, not recession

The inflation vs recession debate in the US is missing the larger point

The consumer price inflation rate in the US touched 9.1 per cent this year. The Fed has raised the federal funds rate all the way from 0.25 per cent to 2.5 per cent so far this year, and more is expected. It is now feared that this check on inflation will bring about a recession. The debate is primarily about how fast the so-called recession will come, how severe it will be, and how long it will last. However, this is, in my view, missing the larger point.

Let us step back a bit. The Trump administration, and later even the