The mantra of Fed officials through the summer months that inflation was likely to be transitory is now, officially, history....
Then, on November 10, the Consumer Price Index showed a surge in inflation....
As colleagues began giving speeches and interviews in the days that followed, they made clear that a more hawkish approach to monetary policy was in the offing, which Powell affirmed in congressional testimony last week....
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2021-12-17 00:00:00.0