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The best policy for the Federal Reserve going forward is not to react when there is a weak month of economic growth but to get inflation under control, said Richmond Federal Reserve President Tom Barkin on Tuesday.
Barkin said that overreacting to weak growth was a hallmark of the failed policy in the early 1970s that forced former Fed Chairman Paul Volcker to slam on the brakes and bring inflation under control in 1979-1980.
“One…
