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Federal Reserve chairman Kevin Warsh. Illustration: Aïda Amer/Axios. Photo: Brendan Smialowski/AFP via Getty Images
Inflation has been too high for too long, and the Federal Reserve should not count on it fading without further action.
Why it matters: Together, the dissents lay out a blueprint for the Fed's hawkish wing, arguing that repeated supply shocks paired with resilient demand have made inflation too persistent to fade on its own without tighter monetary policy.
