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Explain your reasoning carefully. Chair Powell says their upcoming interest rate policy is data dependent what does he mean? What incoming data is most important

Explain your reasoning carefully. Chair Powell says their upcoming interest rate policy is "data dependent" what does he mean? What incoming data is most important to the FED? If as the article states, "Companies Plan Big Raises for Workers in 2022-23" how will this impact inflation in 2023 and inflationary expectations in financial markets going forward

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