The Federal Reserve meets today with a toolbox that works for exactly half the problem -- and the half it cannot fix is the one it is using to justify doing nothing. The jobs market just shed 92,000 positions in a single month while the Fed stares at an inflation number driven by an Iran war it cannot touch with interest rates. Before the press conference ends -- you need to understand exactly what monetary policy can and cannot do -- because the workers navigating the biggest labor market disruption in a generation are running out of time.

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