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Vaccination may be keeping COVID-19 at bay, but the pandemic’s fallout lives on in supply shortages and labor scarcity, the Federal Reserve said Friday.

March stimulus, vaccination, and the reversal of pandemic restrictions allowed businesses to reopen and unleashed a wave of consumer demand through the first half of the year, but these combined to make inflation the new specter looming over the US. Prices climbed at their fastest rate since 2008 in May, and much of this overshoot is linked to supply bottlenecks and the nationwide labor shortage, the Fed said in a new details ⇒

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