The Fed May Finally Be Winning the War on Inflation

But at what cost? 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Myers After more than a year of soaring prices, the Fed may finally be winning the war on inflation. But as high interests rates take the air out of the economy, which Americans will be squeezed? In our cover story this week [Michael Steinberger writes about the fight against inflation — and its costs.](~/AAAAAQA~/RgRlo8XWP0TwaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAyMy8wMS8xMC9tYWdhemluZS9pbmZsYXRpb24tZmVkZXJhbC1yZXNlcnZlLmh0bWw_Y2FtcGFpZ25faWQ9NTImZW1jPWVkaXRfbWFfMjAyMzAxMTMmaW5zdGFuY2VfaWQ9ODI1NzMmbmw9dGhlLW5ldy15b3JrLXRpbWVzLW1hZ2F6aW5lJnJlZ2lfaWQ9Nzc2NzQ5NTImc2VnbWVudF9pZD0xMjIzOTAmdGU9MSZ1c2VyX2lkPWFhNDkxZWY3ZjFkOTY0ZTQ5NzlmYjc4NGU3NGUwMWQ3VwNueXRCCmO11kDBY8lkHo9SG3RyaXN0cmFtYmFsZHdpbjkwQGdtYWlsLmNvbVgEAAAAAA~~) [[Article Image] Photo illustration by Andrew B. Myers](~/AAAAAQA~/RgRlo8XWP0TwaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAyMy8wMS8xMC9tYWdhemluZS9pbmZsYXRpb24tZmVkZXJhbC1yZXNlcnZlLmh0bWw_Y2FtcGFpZ25faWQ9NTImZW1jPWVkaXRfbWFfMjAyMzAxMTMmaW5zdGFuY2VfaWQ9ODI1NzMmbmw9dGhlLW5ldy15b3JrLXRpbWVzLW1hZ2F6aW5lJnJlZ2lfaWQ9Nzc2NzQ5NTImc2VnbWVudF9pZD0xMjIzOTAmdGU9MSZ1c2VyX2lkPWFhNDkxZWY3ZjFkOTY0ZTQ5NzlmYjc4NGU3NGUwMWQ3VwNueXRCCmO11kDBY8lkHo9SG3RyaXN0cmFtYmFsZHdpbjkwQGdtYWlsLmNvbVgEAAAAAA~~) [The Fed May Finally Be Winning the War on Inflation. But at What Cost? There’s a good chance that the Fed could push the economy into recession. The pain will not be shared equally. By Michael Steinberger](~/AAAAAQA~/RgRlo8XWP0TwaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAyMy8wMS8xMC9tYWdhemluZS9pbmZsYXRpb24tZmVkZXJhbC1yZXNlcnZlLmh0bWw_Y2FtcGFpZ25faWQ9NTImZW1jPWVkaXRfbWFfMjAyMzAxMTMmaW5zdGFuY2VfaWQ9ODI1NzMmbmw9dGhlLW5ldy15b3JrLXRpbWVzLW1hZ2F6aW5lJnJlZ2lfaWQ9Nzc2NzQ5NTImc2VnbWVudF9pZD0xMjIzOTAmdGU9MSZ1c2VyX2lkPWFhNDkxZWY3ZjFkOTY0ZTQ5NzlmYjc4NGU3NGUwMWQ3VwNueXRCCmO11kDBY8lkHo9SG3RyaXN0cmFtYmFsZHdpbjkwQGdtYWlsLmNvbVgEAAAAAA~~) NEWSLETTER NOTICE Your access to The Ethicist ends soon. The Ethicist will soon become its own twice-a-week newsletter, available exclusively to Times subscribers. ​ Don’t worry. 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