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The Federal Reserve’s new weapon is solidarity. But does it have the backbone needed to drive out inflation?

·5 min read
The Federal Reserve’s new weapon is solidarity. But does it have the backbone needed to drive out inflation?

The Federal Reserve was slow in acting when inflation accelerated last year. Market participants were not sure if the Fed was willing to take the steps needed to control prices that were rising in almost every sector of the economy. After its slow start, the Fed earlier this year started raising interest rates sharply, but from a very low level.