The Federal Reserve could do what was thought impossible: Defeat inflation without a steep recessionFederal Reserve on cusp of what some thought impossible: Defeating inflation without steep recession - The Associated Press

It was the most painful inflation Americans had experienced since 1981, when “The Dukes of Hazzard” and “The Jeffersons” were topping the TV charts. Yet the Federal Reserve now seems on the verge of defeating it — and without the surge in unemployment and the…