To quell inflation, goes the adage, central bankers must tighten monetary policy until something breaks. Now something has broken
, a disgraced former crypto exchange—was well outside the mainstream and, regulators say, caused by fraud rather than the Fed.
One feature of this phase is that markets are suddenly working with the Fed rather than against it. For more than a year, the central bank’s officials have been repeating the same message: that inflation is proving more stubborn than anticipated, meaning interest rates will need to rise higher than previously expected. This message was reinforced by data released on March 14th showing that underlying consumer prices had once again risen faster than expected.
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