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Full Employment Confronts Trump, Fed With Tougher Trade-Offs

In April, when the unemployment rate dropped to 4.4%, it marked the completion of a slow and joyless recovery from the Great Recession.

Eight years on, the U.S. has effectively returned to “full employment,” meaning unemployment can’t go sustainably lower. In reaching this milestone, the U.S. has closed one troubled chapter for the economy while opening a fresh one with tricky new trade-offs for the Federal Reserve and President…

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