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Confusing economy for Federal Reserve, other experts

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If the economy looks confusing to you, rest assured — it looks that way to the people in charge of stabilizing it, too.

When the Federal Reserve raised interest rates yet again this week, the central bank’s case for how it would tackle inflation without causing a recession boiled down to: It’s unclear. What are the odds of avoiding a downturn? “Hard to say,” conceded Chair Jerome H. Powell. How high will interest rates go? “Very uncertain.” In an hour-long news conference on Wednesday, Powell said “don’t know” four times.

Fed chief sees narrower path to avoid a recession in inflation fight

Powell is hardly the only one without answers, and his remarks reflect how confounding the economy remains for those inside and outside the Fed. The markets, policymakers, households and businesses have been operating without a playbook for two-and-a-half years. And now, the latest wave of uncertainty…

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