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Specter of 1960s Inflation Take-Off Haunts U.S. Economy Today
A newly-elected president promising to tackle racial injustice and build a better and fairer economy and society. A Federal Reserve chairman who’d voiced satisfaction with the course of monetary policy the previous year. A sharply accelerating economy with an inflation rate that’s been below 2% for years. 2021? No, 1965, a year that marked the start of a years-long climb in inflation to double-digit levels the following decade. That’s an upward trend that some experts fear could be about to begin today, as a super-charged federal budget combines with a lax monetary posture to once again overheat the economy. ... (full story)