Federal Reserve policymakers resem-ble a blind man in an unfamiliar room, groping for an exit while anxiously trying to sidestep irreplaceable family heirlooms. Three events occurring in guick succession are combining to set the scene for a once in a generation economic policy challenge. Prior to 2020, most political leaders might have identified coping with climate change as their most pressing task. Then came the COVID-19 pandemic, the accompanying economic disruption and the ongoing threat to global health. Most recently, Russia's invasion of Ukraine has forced governments to rethink some basic assumptions about geopolitical safety and energy security.
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