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Last week's data leaves our take on the FOMC meeting unchanged. There are updated charts and tables with labor market and inflation data from the previous week.

The Fed is in a very difficult position. They are dealing with an economy that is facing both a negative growth shock and an inflationary shock at the same time, and are equipped only with the blunt tool of monetary policy.

The Fed is in a very difficult position. They are dealing with an economy that is facing both a negative growth shock and an inflationary shock at the same time, and are equipped only with the blunt tool of monetary policy.