2022 shattered economic forecasts. Can the Fed get 2023 right?

In his last public remarks in 2021, Federal Reserve Chair Jerome H. Powell offered a blunt message: "No one knows with any certainty where the economy will be a year or more from now."

He was spot on.

As the months ticked by this year, Powell and his colleagues at the Fed got plenty of other details wrong. Officials repeatedly underestimated inflation's…