The Fed is playing catch-up to inflation, and the legacy of Chairman Jay Powell hinges on what happens next. “We’re pretty far behind the curve.”
During the first year of the pandemic, Federal Reserve Chairman Jerome Powell earned a reputation as a monetary dove, rolling out innovative policies aimed at preventing a financial and economic meltdown.
Today, he is changing into a hawk willing to be equally improvisational to tame inflation, now running at a 40-year high of 7.5%.
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