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The Art Of The Aeronautical Metaphor
Aeronautical metaphors for the US economy (and, more to the point, the Fed's efforts to micromanage it) are so clichéd by now that they invariably elicit eye rolls. As such, I'm almost reluctant to employ them.
But they do have some explanatory power, and their ubiquity makes them hard to ignore. Soft landing and hard landing were, of course, already in the lexicon, but "no landing" is a new entrant.
There's not always a bright line distinction between soft landing and no landing. They share
Regardless of Hartnett’s preferences, I would like the 30s at 5.0%. Much better room for Insurance, pension funds, and banks to operate long term. If we are going to run our economy at a 2% inflation target, real rates will shrink and make no sense.