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Inflation is always around, but it has been particularly worrisome recently. A startling departure from the United States' usual average of about 2% inflation, we faced 8.5% in the month of April. Where does inflation come from? What regulatory bodies aim to deal with inflation? How do they do it? Does it work?

Today, Thomas Hoenig talks to us and answers all these questions and more, including his personal experience as President of the Kansas City Federal Reserve and on the Federal Open Market Committee. He is currently a distinguished senior fellow at the Mercatus Center at George Mason University.

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