The 2% utopia

More from Steve Blitz: "Forget the Fed stopping to wait and watch and hope that inflation bends towards 2% without a recession. That horse has left the barn. A key question is where the funds rate is when the Fed realizes recession is already underway. My base case is this summer with the funds rate around 5.25%. If I am wrong, the funds rate can easily move up to 6.5%. The policy tack in 2005-07 is the one they are communicating-- get to a spot and stay there (it was not the idealized recession)." The recession is basically inevitable..."and once it occurs, the cutting will begin".