New economic ‘regime’ challenges central bankers to keep pace

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By Howard Schneider WASHINGTON (Reuters) – For roughly 30 years Federal Reserve policymakers and other central bankers enjoyed a World where market interest rates were falling, inflation was low, globalization effectively expanded the supply of labor, and, at the margin, markets for goods and services were becoming more open and stable. Those trends have now been challenged if not upended altogether by the COVID-19 pandemic in a disruption that risks leaving policymakers adrift about what to expect. The U.S. central bank is already adjusting to one unanticipated set of changes – an outbreak of…

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