opinion | We are in financial crisis

The Federal Reserve’s monetary policy committee meets this week, and now comes the hard part for Chairman Jay Powell. He is already receiving criticism for a future recession, although the central bank has barely tightened the policy. We’re about to find out whether Mr. Powell has the ability to make up for the Fed’s big inflationary mistake.

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The economic background for the Open Market Committee is scarce and troubling. Inflation is rising while growth is slowing. The central bank finds itself in the awkward position of raising interest rates on Wednesday, while the Commerce Department could report a second straight quarter of negative economic growth a day later.