US central bankers face the arduous task of securing a soft landing for the world’s largest economy, a very rare outcome. Tighten too slowly and there is a risk that inflation will spiral out of control, requiring even tougher measures. If you shift too fast, the central bank could shake the markets and send the economy into recession. Complicating the job: The war has increased the costs of fuel, food and metals, fueling fears of 1970s-style stagflation by threatening prices, growth and stability of the economy. financial markets.

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