A little over a year ago, the Wall Street Journal’s Economic Forecasting Survey, an annual event tapping the brainpower of over sixty academic, business and financial economists, looked into the near-term future and saw nothing but trouble.
- GDP would shrink in the first half of the year (2023).
- Job growth would turn negative.
- A recession was baked in.
- A ‘soft landing’? Forget about it. It was a mythical creature.
All this in response to the Fed’s fight to bring down inflation. Looking back, you couldn’t blame them for their negativity.