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tighten monetary policy to slow the growth rate of money supply or completely reduce the money supply to control inflation; while sometimes necessary, tightening monetary policy may slow economic growth, rising unemployment and depress borrowing and spending by consumers and businesses. One example is the intervention of the Federal Reserve in early 1980, to curb inflation near 15%, the Fed increased the basic interest rate to 20%. This increase led to a recession, but inflation kept twisting under control.
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