Did Joe Biden and the Fed engineer a post-pandemic economic 'soft landing' in 2023?
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'Achieving a soft landing after sustained monetary policy tightening is notoriously difficult. Historically, most periods of sustained tightening have been followed by recessions. Nonetheless, the recent period of monetary policy tightening has so far resulted in falling inflation without a decline in employment or economic activity. If inflation reaches the Fed's target of 2% without a recession, a soft landing will have been achieved.'
-congress.gov, 12-11-2023
When President Biden left office in January 2025, the most consistent picture across the available analyses is that year-over-year inflation in his final 12 months was about 3.0% (roughly 2.9–3.0%), down sharply from its 2022 peak but still above the Federal Reserve's 2% goal.
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