The Worst of Both Worlds

Earlier this week, TD Ameritrade's lead anchor, Oliver Renick, suggested that we were likely heading for a worst-case scenario: a recession with inflation still hot enough that the Fed would be compelled to continue to raise rates during it:

The worst-case scenario for investors right now is that the economy slows down, but the Federal Reserve has to keep hiking interest rates anyway. It looks like that's what's happening.

Last month ended with a wave of bullish optimism over a collapse in commodity prices and drop in bond yields. People...