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Jerome Powell, Inflation Fighter? – WSJ

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The Federal Reserve on Wednesday finally began to move to control the worst inflation in 40 years, and Chairman Jerome Powell almost sounded like a born-again inflation fighter. But the measure of the Fed’s problem is that even 11 projected interest-rate increases in the next two years would keep rates well below the level of inflation.

“We have to restore price stability,” Mr. Powell said more than once during his press conference. His tone was markedly more hawkish than we’ve heard before, and it sounds like he and the rest of the Federal Open Market Committee (FOMC) have been mugged by price reality. The central bank’s year-long illusion that inflation will quickly subside has vanished.

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