By Dan Weil While the Fed needs to tighten, there’s no need to ‘throw the economy into a recession to bring inflation down,’ he said While most economists are talking about the Federal Reserve raising interest rates more aggressively after Thursday’s news of raging inflation, Nobel laureate economist Paul Krugman says the Fed shouldn’t go overboard. Consumer price soared 7.5% in the 12 months through January, the biggest increase in almost 40 years. The Fed does need to do some tightening, Krugman told Bloomberg. “This is clearly a very hot economy and it’s the Fed’s job to cool it off a bit,”…