Fed unsure of economy’s direction as Wall Street meltdown worsens

Federal Reserve Chair Jerome H. Powell acknowledged this week that there are a few things he does not know about the U.S. economy.

He doesn’t know if it is doomed to fall into recession. He doesn’t know how long high inflation will persist. And he doesn’t know if healthier supply chains will be much help.

“It’s very hard to say with precise certainty the way this is going to unfold,” Powell told reporters this week. “No one knows whether this process will lead to a recession or, if so, how...