When the Federal Reserve released its semi-annual report on monetary policy to Congress last Friday, one word stood out in the 70-odd page document.
The US central bank’s commitment to restoring price stability was “unconditional”, policymakers wrote, in their most emphatic pledge to date to tackle the most acute inflation problem in roughly 40 years.
While that promise eliminated any doubt of the Fed’s overarching priorities, it also suggested that some of the historic economic recovery since the depths of the pandemic might now need to be sacrificed in order to fulfil that goal.
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