The Fed Alone Can’t Slay Inflation

Through French hill and Amity Shlaes

It’s all on Jerome Powell. That’s the mindset this summer, as voters, lawmakers and policymakers look to the Federal Reserve Chairman to restart America’s economy.

American confidence in the Fed chair is based on something of a 1970s national fairy tale. Inflation, a mysterious menace, arose. Fed chairman battled for chairman and failed to kill the inflationary dragon – or restore growth. The siege was given a name: stagflation. Finally, a decade later, a feisty knight emerged Paul Volcker. After more tournaments Big Paul defeated the beast. Eventually prosperity came. The Fed Alone Can’t Slay Inflation

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