U.S. inflation rose at fastest rate in 40 years, Valley grew even faster

The last time inflation was this high was in 1981, and the solution then was a severe tightening of credit that tipped the economy into recession, according to an ASU economist.

In this article published April 12, 2022, in the Arizona Daily Independent(:

I think that the Federal Reserve will step in with massive interest rate increases that will choke off demand for automobiles, choke off demand for houses. The interviews six months from now will probably be about, ‘Have we started into a recession, are we headed for recession?’

– Dennis Hoffman, director of the L. William Seidman Research Institute and director of ASU’s Office of the University Economist