The Washington PostThe Washington Post

U.S. policymakers misjudged inflation threat until it was too late

By Mike Madden and Rachel Siegel

30 May 2022 · 12 min read

Prices for just about everything Americans buy - gas, groceries, housing, cars, clothes, even TVs - have spiked in the past two years. Inflation, which had been scarcely noticeable for decades, is suddenly the top concern most people have about the economy.

And it all seemed to catch Washington by surprise.

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