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Bank of America says the Fed is playing with fire by downplaying inflation and needs a new playbook

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Federal Reserve Chairman Jerome Powell adjusts his tie as he arrives to testify before a Senate Banking, Housing and Urban Affairs Committee hearing on “The Semiannual Monetary Policy Report to the Congress” on Capitol Hill in Washington, July 15, 2021.

Kevin Lamarque | Reuters

Federal Reserve officials could be placing too much emphasis on the past when trying to guide the U.S. economy into the future, according to a Bank of America analysis.

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