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Derby’s Take: Inflation Fight Raises Questions About the Fed’s Tool Kit

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Federal Reserve officials acknowledge that their powers to achieve inflation and job goals function more like a battle ax rather than a dagger in their precision, but even so, they aren’t seeking to upgrade the monetary policy tool kit.

Over Wednesday and Thursday, Federal Reserve Chairman Jerome Powell weighed in on the economic outlook and the central bank’s struggle to lower very high levels of inflation, often stemming from sources totally beyond the central bank’s reach, without sending unemployment spiraling higher...

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