BACKGROUNDERNo. 3624 | JuNe 1, 2021 CeNTeR FOR DATA ANALYSISInflation and the Fed: How Congress Should Approach Monetary PolicyNorbert J. Michel, PhDTKEY TAKEAWAYSThe rise in the consumer price index and weak job growth, has stoked fears of 1970s style stagflation, an economy that exhibits both high unemployment and inflation.Changes to the Feds operating frame- work, including how it targets inflation, have made it hard to know exactly what the Fed will d
