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At his press conference on November 2nd, Fed Chairman, Jay Powell opined that the window for a soft landing had narrowed.\xa0 This was very much in line with his messaging for many months which has emphasized that the Fed regards inflation as being much too high and is willing to put the economy in recession, if necessary, to return it to its 2% target.\xa0 However, it also underscores the economic problem caused by \u201csupply-shock\u201d inflation: it simultaneously boosts inflation expectations, inducing a more restrictive monetary policy, and drags on economic growth.