DAYTON, Ohio (Reuters) – When the Federal Reserve’s policy meeting ended last month, U.S. stock indexes were near record highs, market volatility was almost non-existent and policymakers chatted about the calm waters welcoming incoming central bank chief Jerome Powell.

Now, Janet Yellen’s successor may instead be facing an early test of his leadership as the Fed weighs the significance of a recent market downturn and jump in long-term bond yields as well as the risk the Trump administration’s tax and spending policies may light the fuse of unexpectedly fast inflation.

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