The Fed itself is the biggest risk to a soft landing for the US economy, top economist says

• The Fed is the biggest risk to a soft landing for the economy, former Fed official Claudia Sahm said.
• An unnecessary recession caused by elevated rates is worse than worrying about cutting rates and having to hike them again.
• "Delaying could cost us millions of jobs and trillions of dollars in spending and investment."

Central bank officials are trying to gently steer the economy away from a downturn, staying extra cautious about the path of interest rates — but the Fed itself might end up being the reason the US can't stick a soft landing.