The current risk of recession appears to be caused solely by the Federal Reserve's refusal to stop raising interest rates.
When making this decision, the FRB seems focused solely on the risk of inflation. This has the appearance of suggesting that the harms of inflation are far greater than the potential harms of a recession.
On the surface of this, this seems ridiculous. While I hate it when my paycheck gets stretched, I am thankful that I have a paycheck. If I lose my job from a recession, how would lower prices be better than keeping my job and paying more for things.
Inflation seems to my naive viewpoint to be triggered by supply chain shortfalls, OPEC's maneuverings, and the War in Ukraine. Even as inflation gets lowered from the softening of the economy and the increasing interest rates, these same forces are still having an impact with increased energy prices and its effect on other industries.
What is the argument that inflation, as it appears now, is potentially so bad that it is reasonable to further increase interest rates even if it causes a deep recession?