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John Authers

So Now We Have Clarity. The World Has Changed

The Fed admits it has an inflation problem, and is prepared to raise rates to eliminate it, even if that means higher unemployment. 

Jerome Powell contemplates a changed world.

Jerome Powell contemplates a changed world.

Photographer: OLIVIER DOULIERY/AFP/Getty Images

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Days when the Federal Reserve announces a shift in monetary policy are usually dramatic. Those of us who have to chase daily developments have much excitement tracking the instant market reactions. I’ll try to avoid that, because the latest meeting of the Federal Open Market Committee was like none other in my experience.