The Fed Just Raised the Odds of a Recession

The Federal Reserve pushed up the odds that the country will fall into a recession on Wednesday when it tightened up the flow of money in the most aggressive move in 22 years.

Led by Jerome Powell, the central bank has essentially put the economy in reverse and jammed on the accelerator in a bid to speed away from inflation, stoked by $5 trillion in stimulus, more than two years of practically free credit, and a global trade system jammed up by the lingering effects of the pandemic. Inflation is...