Investors are now bracing for 'hard landing' for economy

Markets have been in decline for the past two weeks as investors prepare for the growing likelihood that the Federal Reserve won’t be able to avoid plunging the economy into a recession.

A month ago, some economists were giving about even odds that the Fed could pull off a “soft landing,” which means tamping down inflation by raising interest rates while skirting an economic recession. Since then, investor outlook appears to have quickly become gloomy in the face of a worse-than-expected inflation report and another massive rate hike.