The U.S. economy is going through another rough patch, as supply shortages abound, workers are hard to find, and inflation is surging. Legislators are at loggerheads over the two major pieces of legislation that the White House is struggling to pass – the one trillion dollar infrastructure bill and a much larger reconciliation package (the Build Back Better agenda). Another battle, lifting the debt ceiling, is poised to erupt again in a little over a month. Meanwhile, monetary policy is caught in the middle of an inflation upsurge and a supply-constrained slowing economy. Move too quickly to stifle inflation, and employment will suffer; move too slowly, and higher inflation could become more deeply embedded, pointing to harsher, possibly recession-inducing policy down the
road. October 2021 Economic and Financial Digest
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