Fighting Inflation will Cause Further Pain

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The Federal Reserve raised its benchmark short-term interest rate by 0.75 percentage points, the third consecutive such increase. Fed Chair Jerome Powell signaled that this would not be the end; increases will continue until the inflation rate is safely in reach of the 2% target. 

Since June, hope for a soft landing has substantially eroded among Fed officials. New projections by Federal Reserve Board members and Bank presidents indicate more pain may be in store for the labor market. To return to a healthy level of inflation (the Fed’s 2.0% inflation target) by 2025, unemployment may

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