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26.12 - 23:05
Dashing Fed’s Hopes, Low Unemployment Becomes an Inflation Threat
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The lesson the Federal Reserve drew from the pre-pandemic economy was that unemployment could run at historic lows without fueling inflation. It’s why the central bank last year promised to never again raise interest rates just because the job market was strong.
That assumption is turning out to be wrong and the Fed thus finds itself in a situation it hoped to never face: preparing to raise interest rates to slow the economy though the labor market remains far from where it was two years ago.
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