FEDERAL RESERVE Chairman Jerome Powell warned that the Fed was prepared to be similarly aggressive toward high inflation, saying its rate hikes would cause “some pain” in the form of higher unemployment. Over time, as the job market has displayed surprising resilience, Powell has adopted a more benign tone. At a news conference last week, he suggested that a soft landing remains a “possible," if not guaranteed, outcome. / ASSOCIATED PRESS FILE PHOTO / JACQUELYN MARTIN
WASHINGTON (AP) – Last year's spike in inflation, to the highest level in four decades, was painful enough for American households. Yet the cure – much higher interest rates, to cool spending and hiring – was expected to bring even more pain. Grim forecasts from economists had predicted that as the Federal Reserve jacked up its benchmark…
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