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Consumer prices in the United States rose at an annualized rate of 7.7 percent in October, the ninth straight month above seven percent, thanks to still surging demand and stumbling supply. All eyes are fixed on the U.S. Federal Reserve to cool demand by hiking interest rates. But monetary policy has always worked with long and variable lags, which makes the Fed’s job of trying to shape the decisions of the country’s 122.4 million households, 164.5 million workers, and 35.1 million businesses even more daunting.


Hanson, Gordon H., and Matthew J. Slaughter. "America Needs More Immigration to Defeat Inflation." Foreign Affairs (December 19, 2022).