CNN’s Romans: ‘Remember Transitory Inflation, That Was Really a Bad Call’

EXCERPT:

ROMANS: "You know, Alan Greenspan like all economists doesn’t have a perfect record either, but he looks at those numbers and he happened to steer this economy to a soft landing in 1989 when we had to raise the interest rates, the Fed had to raise interest rates to get ahold of the situation. So, he’s been in this seat before and he says I don’t think we can really avoid a recession. But no one knows for sure. In the last year, economists really got it wrong. Remember transitory inflation, that was really a bad call, and that was really wrong. Maybe -- we heard from Moody’s, they’re calling it a small session. Maybe you don’t have a recession, you kind of grind to a halt here. No one knows for sure. The job market still remains strong. Tomorrow we're going to get the jobs report, Jim. I think maybe it will be less strong than recently and that’s what you want to see after six months of the Fed raising interest rates. But I would just caution after the last year no one really knows for sure what 2023 holds."