In the wake of the Federal Reserve’s decision to raise it short-term interest rates target for the tenth straight meeting in order to combat what it sees as untenably high-inflation, it’s time to assess what has happened economically in the United States over the past year—the stock market has gone from strength to weakness; home buying has slowed precipitously; wage growth has plateaued; inflation has moderated; growth as measured by GDP is barely above zero; and the public mood on all things economic has soured.

Some of these trends are also global, as countries worldwide are still adjusting to the post-pandemic dislocations of supply chains combined with excess stimulus. Given the oddness of the past three years, the U.S. is actually doing OK. Inflation is com…