Shifting jobless outlook puts Fed in risky territory with no map

April 3, 2015 11:08 PM

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WASHINGTON — Janet Yellen’s Federal Reserve is rethinking how far it can let unemployment fall before inflation kicks in. It’s a call fraught with risk, and history offers few guideposts.

Millions of workers on the sidelines and shifting demographics make it harder to tell just how low the jobless rate can sink before labor supply gets tight enough to stoke wage and price pressures.

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