The Fed has given up on its short-lived attempt to make America’s job market work for everyone

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After the last crisis, the Federal Reserve realized unemployment could go lower than it thought without triggering inflation. After COVID hit, the Fed seemed poised to let the US labor market truly heal. Fed Chair Jay Powell made it clear that the Fed has given up on that goal to chase the ghost of inflation. This is an opinion column. The thoughts expressed are those of the author. September's Federal Open Market Committee (FOMC) meeting made clear that the Federal Reserve has abandoned its short-lived effort to foster true maximum employment.During the last expansion, the FOMC consistently believed labor markets were close to the point that any further improvement of the US labor market — signaled by a decline in
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