Paul Volcker

The last time the Federal Reserve faced inflation as high as it is now, in the early 1980s, it jacked up interest rates to double-digit levels and in the process caused a deep recession and sharply higher unemployment.

On Sept. 8 Chair Jerome Powell suggested that this time, the Fed won't have to go nearly as far.

The United States and the European Union can avoid recession and achieve a soft landing by bringing inflation down to an acceptable level, a U.S. central bank official said on Aug. 2.

"A soft landing is feasible in the U.S. and the EA [euro area]," St Louis Federal Reserve President James Bullard during a speech at New York university.

I was one of the panelists at the conference on inflation dynamics in Turkey organized by Koç University?s Economic Research Forum and the Turkish Industry and Business Association (TÜS?AD) on April 10.