In recent months, the Federal Reserve made avoidable mistakes that fueled inflation. That’s the view of a range of economists and policymakers, including some voting members of the Federal Open Market Committee. In the spring, some FOMC members called for an end to the extraordinary levels of monetary and fiscal stimulus provided in the depths of the pandemic. The central bank must now raise interest rates at a fast pace to combat rising prices, potentially dampening economic growth in the U.S.
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