the federal reserve’s heavily telegraphed move to slow its pace of monetarypolicy tightening next week risks sending a message to markets that the central bank is well on its way to reining in inflation and guiding the economy to a soft landing investors would do well to reevaluate regardless of the fed’s pace of monetarypolicy tightening the more consequential message the economy is sending now is that the central bank probably will have to raise interest rates beyond the roughly 5 range that markets are expecting in order to wrestle the current bout of inflation back closer to its target level and that in turn suggests that at least a mild recession looks increasingly necessary for prices to finally cool off