During an interview on CNBC Squawk Box, financial analyst Jim Grant expressed his doubts.

He compared Jerome Powell's task to Captain Chelsey Sullenberger's when he was forced to land a US Airways plane on the Hudson River after an inflight emergency, nothing Powell is "no Sully."

Grant went on to explain that even if things don't look so bad right now, rivets are popping in the economy.

The June non-farm payroll report came in with weaker-than-expected job growth and stronger-than-expected wage growth. Grant said this might be the first whiff of stagflation, and he called the jobs report a "little spritz" of the late 1970s. He said it underscores the difficulty the Federal Reserve faces in its attempt to rein in price inflation without spinning the economy into a deep recession.

It reminds me a little bit of Captain Sully on the Hudson. It requires a great deal of precision and not a little luck to do what they say they will do, which is to deliver us from the consequences of 10 years of artificially low rates."