“Go back to the type of pain Paul Volcker had to impose on the U.S. economy to wring out inflation,” were the instructions transmitted by Morgan Stanley Asia head Stephen Roach, in supporting Fed chief Jerome Powell’s marching orders delivered to the world financial community gathered at Jackson Hole on Aug. 26. Roach, who is also a former Fed economist, spoke to CNBC on Aug. 29, and said that he sees the U.S. sinking into a deep economic downturn lasting into 2024, and that it will take a “miracle” to avoid a recession. “We’ll definitely have a recession as the lagged impacts of this major monetary tightening start to kick in,” Roach warned, adding, “They haven’t kicked in at all right now,” reported CNBC on Aug. 29.