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Given the timeline between the writing of this note and its publication date I’m going out on a limb this time. In a recent interview, I was asked: “It looks like inflation is starting to roll, do you think the risk now is of the Fed making policy missteps in being too aggressive?”

The short answer to that question is: “Heck, yes!” The problem is, what mistakes might I possibly make in responding to the Federal Reserve’s real or perceived errors?..

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