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Macroeconomic Intelligence Current Economic Affairs English 한국어 No Landing The "No Landing" scenario refers to an economic situation where, despite the central bank maintaining high-interest rates for an extended period to combat inflation, the economy does not experience a downturn. Instead, it continues to cruise with robust economic growth and a strong labor market—much like an airplane that continues to fly without ever touching the ground. Initially, this might sound like a purely positive signal, as it means avoiding a recession. However, a "No Landing" implies that the economy is running so hot that inflation will remain "sticky" and will not easily fall back to the central bank's target rate. Consequently, central banks find no justification to cut interest rates, creating a significant risk that a "higher-for-longer" environment of both high...