Biden Economist Increasingly Hopeful for 'Soft Landing' as Inflation Cools, Jobs Grow, and Markets Rally
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Biden's top economist, Lael Brainard, is increasingly confident the US economy can avoid recession and achieve a "soft landing" where inflation is reduced without major economic damage.
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Brainard points to cooling inflation, rising wages, easing interest rates, and growing labor force as reasons the chances of a soft landing look better.
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A year ago, economists saw recession as almost inevitable to curb inflation - the outlook now is far more optimistic.
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Wall Street celebrating as Fed signals it may start cutting interest rates soon - Dow hit record high over 37,000.
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Brainard says investors now share administration's more positive economic outlook, but admits there's still "a lot of work to do" on affordability issues.