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, is that the Fed will have to lift rates so aggressively that it'll slam the brakes on economic growth and stop the recovery in its tracks.
The Fed's actions left the economy"already significantly weakened" by the time the recession started in 1990, economists at the San Francisco Fed wrote, adding that the restrictive monetary policy kept the economy"relatively flat" when it otherwise would've kept growing. Yet pricier oil reverberates throughout the global economy. Trade and shipping become more expensive, as it costs more to transport goods both within and across borders. Americans tend to rein in their spending and don't travel as much, leaving the economy with diminished activity. Manufacturing processes that rely on oil are also hit, leading to higher prices for various goods and the beginnings of an inflationary cycle..
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