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Powell Has Become the Fed’s Dr. Feelgood


If Federal Reserve Chairman Jerome Powell were selling a prescription drug instead of a monetary policy, the Food and Drug Administration would likely want a word with him. “What we’re thinking about now is providing the accommodation that this economy needs for as long as it needs it. That’s all we’re thinking about,” the central banker told the Senate Banking Committee on June 16.

To listen to Mr. Powell, the Fed’s monetary medicine isn’t even a drug, let alone one so freighted with side effects that you may wonder if the…

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