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Column: What’s missing in our economy? Inflation

A Federal Reserve police officer keeps watch while posted outside the Federal Reserve headquarters in Washington. Photo by Kevin Lamarque/Reuters The labor market is tightening. Wages are rising. And yet, despite very aggressive monetary policy efforts, United States central bankers have been unable to hit their inflation target. For more than four straight years, the Federal Reserve’s preferred measure of inflation has been below its target of 2 percent.
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