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The Fed Faces Another Conundrum: The Bond Market Isn’t Following Its Lead

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Was Jerome Powell channeling Paul Volcker this past week by admitting that inflation has ceased being transitory? Or will he wind up being more like Alan Greenspan, facing a conundrum if the bond market fails to follow the Federal Reserve’s lead to higher interest rates?

Powell, the current and likely future head of the central bank after being nominated for a second four-year term, told Congress that the much-maligned “transitory” modifier to describe inflation should be retired, with prices climbing at the fastest pace in…

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