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Doomsayers warned of an imminent "hard landing" in which a crashing dollar would precipitate economic crisis.
In theory the Bank might be able to engineer a soft landing, in which for a couple of years growth slowed to 1-1.5%.
The most likely scenario for the United States economy is a soft landing in which the expansion slows a bit before picking up again, the fund said.
Even with an expected slowdown, Germany seemed set to achieve an economic soft landing in which slower growth did not automatically lead to recession, according to economists.
Morgan Freeman has said that he had emerged "without a scratch" after the plane in which he was travelling blew a tyre on takeoff and made an emergency landing in which the landing gear collapsed.
The comfortable Wall Street assumption that the Federal Reserve had engineered a soft landing, in which growth would slow enough to stem inflation but not enough to do real damage, is being challenged by the continued rise in oil prices.
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We seem to have entered a land in which intelligence of any kind has been extinguished.
Italy, France, Britain and the US lived in a cloud cuckoo land in which governments bought popularity with debt.
The republic is breathtaking, a narrow land in which mountains 12,000 feet high tumble in forested hills to the Black Sea.
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