Washington CNN —
The Federal Reserve admits it badly misjudged the beginning of the inflation crisis, but officials hope they won’t make the same mistake again. President Donald Trump’s tariffs are about to determine whether America’s central bank is up for the challenge.
In 2021, as the US economy recovered from the pandemic, consumer prices began to creep higher. Fed officials said then that rising inflation would only be “transitory.”
Notoriously, that proved to not be the case, and, by the spring of 2022, the Fed was in the throes of its most aggressive rate-hiking
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