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Opinion Inflation, not recession, is still economic enemy No. 1

Julian Zelizer: How to make sense of fresh, mostly negative, economic data? He says the economy shrank for the second quarter in a row, but it does not accurately capture the broader economic landscape. He says slower growth is the intended result of the Fed’s moves to raise interest rates and thereby tame inflation. Zelizer says the Fed has its priorities right, and should focus on inflation, not pandemic-induced supply chain issues, war in Ukraine and corporate greed. He writes: President Biden's war on inflation might require an intraparty skirmish, too, too; he should not fuel demand artificially, Zelizer adds. Inflation eats away at savings and hurts those on fixed incomes; it destabilizes household budgets and cancels out wage increases.