America is dangerously close to the worst kind of recession

Getty Images; Tyler Le/BI

I do not envy Federal Reserve Chairman Jerome Powell right now.

The 72-year-old former investment banker and longtime economic policymaker stands at a precarious crossroads. As the Fed chairman, his job is to achieve two goals: price stability and full employment. Usually, the trade-off between these two aims is clear, but these days, Powell has to perform a difficult balancing act. On the one hand, he needs to keep prices in check as the White House enacts...