Has the Fed Produced a Soft Economic Landing?

William White participated in a panel at the American Enterprise Institute (AEI) on 21 September 2023. Other panelists were Don Kohn and Kevin Warsh, former members of the FOMC,¬† and Desmond Lachman of the AEI. White said that, even if the Fed did achieve a near-term soft landing, medium term prospects would remain challenging since the world was moving from an Age of Plenty to an Age of Shortages. This implied that “higher for longer” would be maintained for some time with attendant risks for financial stability and fiscal sustainability.