This year was a stress test of the Fed’s new framework, and the cracks were apparent
Federal Reserve Chairman Jerome Powell in June as the Fed made the first of four consecutive 0.75-percentage-point interest-rate increases to fight inflation.In 2022, the Federal Reserve made history, almost surely launching hundreds of academic papers, dissertations and tell-all tomes to occupy interest for years to come. For most central bankers, attention is the worst of outcomes.
The Fed only garners such attention making or correcting a major mistake—and there was a bit of both this year. Inflation was allowed to hit a 40-year high. Monetary policy had to
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