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Baseball season hasn’t begun yet, but the Federal Reserve  is dealing with a sweeping curve ball delivered by the sudden failures of three banks.  The first – Silvergate – a California-based lender specializing in the crypto market – didn’t attract much notice. 

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When the Federal Reserve launched its war against inflation last year, Fed Chairman Jerome Powell made it clear that he was willing to accept slower growth and possibly a recession in order to squeeze inflationary pressures out of the economy.  Most economists agreed that a recession would be the inevitable result of the Fed’s successive interest rate hikes.