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If the U.S. Fed announces to raise the interest rate (i.e. discount rate) by 1% by the end of 2021, what do you expect the

If the U.S. Fed announces to raise the interest rate (i.e. discount rate) by 1% by the end of 2021, what do you expect the impact on the current U.S. inflation? Please explain briefly in the language of macroeconomics.

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