"The Federal Reserve needs to prevent the public's expectation that inflation will accelerate from spurring demands for higher wages." - William Poole, former St. Louis Fed President

Please, ignore the fact that in real terms your wages buy less, and less, and less. If not, as Poole says, the Federal Reserve will "need to prevent" your inflation expectations from demanding higher wages. Another plunge face first into the water and I am beginning to understand what "need to prevent" means. Lesson One: Don't fight the Fed.

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