In a communication earlier this year, (March 21, 2022) Fed Chairperson refers to a 'soft landing' as one where inflation comes down but the economy does not suffer a severe recession or dramatic increase in unemployment. He notes: "I hasten to add that no one expects that bringing about a soft landing will be straightforward in the current contextvery little is straightforward in the current context. And monetary policy is often said to be a blunt instrument, not capable of surgical precision. My colleagues and I will do our very best to succeed in this challenging task. It is worth noting that today the economy is very strong and is well positioned to handle tighter monetary policy."In line with his view, why is it so important that the Fed manages inflation expectations? Why will restrained inflation expectations - helped, presumably, by good communication by the Fed, help bring about a 'soft landing' and avoid a 'hard landing?'Write a short essay (100 words or less) to answer this questio. Be sure to refer to the elements of the model you have learned, and discuss how these elements support your view. If it helps you, you might show what happens if inflation expectation are NOT contained.