A Rough Road Ahead

Rising interest rates and inflation pose a serious threat to growth

The U.S. economy has been rolling along for nearly five years now, encountering few obstacles along the way. Unemployment has dramatically declined to a seven-year low, and a record number of Americans are working. Corporate profits are rising, stocks have been on a historic climb, and most economists are predicting solid if unspectacular growth ahead.

But if things are so good, then why is there so much nervousness in the air? Why is the dread word recession turning up in more and more conversations? The inescapable fact is that the economy is facing dangerous potholes ahead that could badly jolt the...

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