The US Federal Reserve’s resolve to care about jobs as much as it does about inflation is being tested by rising prices.The debate over the direction of the US economy has entered a new stage as vaccines allow normal life to return, while the lawmakers debating pandemic relief have now turned to schemes for long-term investments in the US economy. The great re-opening has surprised observers in different ways—employment has been slower to return and prices have risen slightly faster than the Fed and many forecasters expected. At the same time, the underlying dynamics of the economy, particularly the connection of price increases to predictable post-recession supply shortages and pandemic-dri
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