With inflation slightly above the target range for the Federal Reserve and the initial first quarter GDP reading at only 1.3%, two policymakers debated on "Morning Call" whether the economy is headed for a "hard" or "soft" landing.
Hugh Moore of Guerite Advisors said the economy is headed toward a hard landing "primarily because the housing correction is only about two-thirds of the way down."
He added that housing takes about 27 months to correct itself and may lead to negative GDP.