The Federal Reserve is set for its most aggressive liftoff period in decades, and one that's very different from the last one, which began in 2015.
Chair Jerome Powell last week pointed to an economy in "a different situation" from the last interest-rate hiking cycle, highlighting a tighter labor market, the fastest inflation since the 1980s, and stronger economic growth.
The last time the central bank raised rates from zero, in 2015, the economy was emerging slowly from the global financial crisis and a long recession marked by weak households. This time, the Fed is playing catch-up amid decades-high inflation and a swift rebound in demand after the Covid-19 shock.
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