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Raghuram Rajan: Why The Banking Crisis Isn’t Over

Capitalisn't

CHAPTER

The Fed's Responsibility to Fight Inflation

Jan Giena: The Fed made the banking sector addicted to high liquidity. He says taking away that addiction is super painful and you cannot do it very aggressively. That limits tremendously the ability of monetary policy to fight inflation, he says. "We don't even know we're not getting it right until something bad happens"

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