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"The Fed has raised interest rates five times this year and is set to do so again next week and in December. Fed Chairman Jerome Powell
has warned that the Fed's interest rate hikes will bring "pain" in the form of higher unemployment in the months to come."
Which phrase of the business cycle is being described in the excerpt above?
Peak
Recession
Expansion
Depression



Answer :

GinnyAnswer

Final answer:

The excerpt refers to an Expansion phase in the business cycle, where interest rates are raised by the Fed to control inflation and economic growth.


Explanation:

Expansion is the phrase of the business cycle described in the given excerpt. During an expansion phase, economic growth and employment increase, along with upward pressure on prices. The Federal Reserve raises interest rates to guard against accelerating inflation during economic expansions.


Learn more about Business cycles and Federal Reserve monetary policy here:

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