U.S. credit and foreign-exchange markets have suffered through an excruciating several weeks, affected not only by the usual fluctuations in optimism and pessimism about the economy and inflation, but also by uncertainties about the attitudes of policymakers in Washington.

The administration, Congress, and the Fed all contributed to the confusion. But they have all, with varying degrees of success, also tried to correct the situation by clarifying their present views and intentions.

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