The term may conjure the immaculate conception of the Virgin Mary, or the “immaculate reception” — the touchdown pass that carried the Pittsburgh Steelers to victory in the last seconds of a 1972 playoff game against the Oakland Raiders.
But in economic terms, it is meant to imply that getting price increases down without a big pop in unemployment would be nearly miraculous.
Inflation was so hot in 2022 that history suggested a recession would be necessary to quash it.
Persons:
Virgin Mary
Organizations:
Pittsburgh Steelers, Oakland Raiders