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In addition to what is arguably the single most significant geopolitical development since the fall of the Soviet Union, though, this quarter has also witnessed the highest levels of inflation in the world economy in more than forty years.
Given all that’s happened, it is perhaps somewhat reassuring that as of today, the damage to broad-based US stock indexes can still be measured in single digits.
The interest rate hike and those slated to follow are necessary to tame inflation – which, says Powell, is job number one for the Fed.