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Top Bank Regulator Promises More Stress, Less Merging

We don’t know what you’ve heard, but the markets and the economy theoretically underlying them have been, well, a bit stressed lately. Goldman Sachs may not think it’s a big deal, and neither by some measures do the markets themselves, but the Federal Reserve certainly does, pledging a brutal, unrelentingly harsh war on inflation, whatever the casualties and costs may be.

“It is very much our view, and my view, that we need to act now forthrightly, strongly, as we have been doing, and we need to keep at it until the job is done,” Mr. Powell said Thursday morning at a virtual conference hosted by the Cato Institute.

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