To The Moon

In the past month, something that once seemed impossible suddenly became likely. After four years of upheaval, the U.S. now seems to have low inflation, low unemployment, and solid economic growth.The popular term for this is soft landing. A better word is "normal." This is what an economy is supposed to look like.Until Wednesday, one thing still looked abnormal: the Federal Reserve's interest-rate target, which at 5.25% to 5.5%, was much higher than economic conditions called for.The Fed has begun to rectify that abnormality with its half-point rate cut. This vastly improves the odds of a soft landing. It might even leave the economy and interest rates looking more normal a year from now than before the pandemic.To be clear, "normal" doesn't mean idyllic. Some people will be unemployed. Some people's wages will not keep up with inflation. Prices will rise gradually but won't go back to where they were before the pandemic. Normal simply means sustainable, without the excesses that lead