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When the Fed decides that inflation is too high, they have the tools, and they've shown historically that they have the will, to bring it down. And, it might be painful.

Paul Krugman
Tools, Down And, Might
"Why Paul Krugman thinks inflation fears are baloney". Interview with Paul Solman, www.pbs.org. November 3, 2014.
When the Fed decides that inflation is too high, they have the tools, and they've shown historically that they have the will, to bring it down. And, it might be painful.