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Wall Street Journal

Firing Powell Would Shatter the Economy's Inflation Defenses

The U.S. has endured a series of inflationary shocks in the past few years: pandemic disruptions, massive fiscal stimulus, Russia's invasion of Ukraine, an immigration clampdown, tariffs and soaring projections of national debt. Yet throughout, investors have expected that in a few years' time inflation will be around 2%. The reason: They instinctively assume that no matter the shock, the Federal Reserve is there to keep inflation low, like the brakes on a car.