Photo: Federal Reserve Chair Jerome Powell. Photo by Brendan Smialowski/Pool via AP

The Federal Reserve is set for its most aggressive liftoff period in decades, and one that's very different from the last one, which began in 2015.

Chair Jerome Powell last week pointed to an economy in "a different situation" from the last interest-rate hiking cycle, highlighting a tighter labor market, the fastest inflation since the 1980s, and stronger economic growth.

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