Top economist: Fed's historic inflation miss leads US into recession
• The US is heading into a recession due to the Fed's misreading of inflation, says top economist Jason Cummins • Monetary policy is very tight and putting downward pressure on the economy • Hiring has ground to a halt based on household survey data • The Fed badly underestimated how long high inflation would persist • The Fed missed their core PCE inflation forecast by a full percentage point, their biggest miss ever