The cost of taming inflation could be 3 million lost jobs



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Federal Reserve Chair Jerome Powell has warned that getting inflation under control will involve “some pain to households and businesses.” What kind of pain is he talking about?

So far, the pain has been plunging stock values and higher borrowing costs for homes, cars, credit-card purchases and business investments. But the toll could also include a surge in unemployment, and all the strains that go along with it—which typically harms lower-income workers most of all.

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