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Inflation is currently at its highest rate in 40 years. This can have drastic effects on consumer purchasing power and the economy overall. Explain the

Inflation is currently at its highest rate in 40 years. This can have drastic effects on consumer purchasing power and the economy overall. Explain the effects of inflation on the everyday consumer. Also, what steps are the Federal Reserve or Federal Government take using monetary policy or fiscal policy to contract the economy? Are these steps working

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