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Federal Reserve Board Gov. Wayne Angell told a meeting of the National Association of Securities Professionals that recession is not a route to controlling inflation. ”Having recessions is not the way to get price level stability,” Angell said, explaining why the Fed decided to ease its interest rate policy last year. Angell said some Fed members believed that a soft landing for the economy could occur ”if we had a soft landing in housing.”
He said the central bank adopted a strategy of slow, ”credible” ease.
