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A newly-elected president promising to tackle racial injustice and build a better and fairer economy and society. A Federal Reserve chairman who’d voiced satisfaction with the course of monetary policy the previous year. A sharply accelerating economy with an inflation rate that’s been below 2% for years.

2021? No, 1965, a year that marked the start of a years-long climb in inflation to double-digit levels the following decade. That’s an upward trend that some experts fear could be about to begin today, as a super-charged federal budget combines with a lax monetary posture to once again overheat the economy.

“If we do not have a recession that exerts disinflation, the odds are better-than-even that inflation will exceed 3% over the next five years,” former Treasury Secretary and paid…

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