A man speaks on the phone outside the Bank of China head office building in Beijing, China, March 30, 2016. REUTERS/Damir Sagolj
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That medicine may be too strong for an economy that has grown for eight years, with wages now rising and the jobless rate near what many economists consider "full" employment.That in turn, could stoke inflation, force the Federal Reserve to raise rates faster than expected, and make recession a greater threat.What the country needs now, labor economists and Fed officials say, is small-bore surgery – policies focused on depressed regions in its rural areas and industrial heartland, which fell out of sync with the global economy and emerged as Donald Trump's power base, helping him win the presidency.The current jobless rate of 4.7 percent is roughly in line with what Fed Chair Janet Yellen cited as full employment in remarks this week in which she also mentioned the risk of recession if the Fed had to raise rates too fast.Since the Fed in 1977 was given a "maximum employment" mandate, the jobless rate has fallen below 5 percent for an extended period twice.
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