A pillowy-soft landing

A recession is unlikely despite American families getting poorer in the past year.

“Pillowy-soft” by DALL•E

Central bankers have hiked rates thick and fast for the past year to try and quell inflation. Bond traders had forecast an American recession was incoming. But, even though American families are poorer than they were a year ago, it hasn't arrived. Inflation-adjusted household net worth has fallen 7% in a year. In the past, this h…