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We are still paying for the Federal Reserve’s mistakes

We are still paying for the Federal Reserve’s mistakes

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October 25, 2023, 12:53 p.m. ET

The Federal Reserve is relieved that inflation is falling and hopes it will fall to 2%. Meanwhile, households and businesses face high prices and costs and prepare for further increases. The consumer price index, which measures personal household spending, is 18.9% higher than its pre-pandemic level, and prices of some essential goods have increased further. Additionally, businesses face high operating and borrowing costs.

Despite the optimistic outlook of some policymakers, the public is not satisfied. The unemployment rate is near an all-time low, but consumer confidence and President Biden’s approval ratings are depressed. The bill for the Fed’s lower, longer interest rate strategy and its excessive deficits is coming due.

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Eleon

With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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