Fed’s got inflation dead wrong. That’s why a recession seems likely.

Campbell Harvey, a Duke University finance professor best known for developing the yield-curve recession indicator, says the Federal Reserve’s read on inflation is out of whack. And, as a result, the likelihood that the U.S. slips into a recession is increasing.

The big question now is the severity of the economic downturn to come, if the central bank continues unabated on its high-interest-rate path.

On…