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With prices on the rise in the U.S. economy, the Federal Reserve is expected to announce on Wednesday an increase in interest rates, essentially pouring a cold glass of water on the economy.
Why would the central bank do that? The answer lies in the inflation crisis of the 1970s, when a failure to react quickly enough still looms large in the memory.
On today’s episode
The Federal Reserve is facing the fastest inflation most Americans have ever seen. The response may require some aggressive — and painful — measures.
What is inflation, why is it up, and whom does it hurt? Here’s what to know.
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Transcripts of each episode are available by the next workday. You can find them at the top of the page.
Jeanna Smialek contributed reporting.
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