Only a model, but not a terrible one. If the Fed was in the…

Only a model, but not a terrible one. If the Fed was in the ballpark, it suggests 4.5% Fed funds rate or thereabouts in 2023. The lowest the model has core PCE inflation is 2.3%, but the lowest GDP growth is -5.2%.

#Baizuo admin will go into 2024 coming off a deep recession.