Why Fed says fighting inflation is Job 1, despite recession risk

From stocks to housing to retailing, indicators of a slowing U.S. economy are flashing red. Consumer sentiment in a closely watched monthly survey by the University of Michigan fell in April to its lowest level in a decade. And it’s not just the United States: the International Monetary Fund recently marked down its forecast for global economic growth in 2022 to 3.6 percent, compared to a 4.4 percent estimate in January. 

This may all sound like bad news. But to the Federal Reserve, a slowdown could be just what is needed to...