How the Fed can lose its nerve

As part of an effort to cool the economy, the Federal Reserve raised interest rates on Wednesday. By the time of the next policy-setting meeting in September, temperatures could be much lower.

Fed policymakers raised their target range for the overnight rate by 0.75 percentage points on Wednesday, and it’s easy to see why. Upcoming inflation data has remained high since they met in mid-June, with the Labor Department reporting that consumer prices rose 9.1% from a year earlier last month. And the labor market remains very strong, with the economy adding 372,000 jobs last month and the unemployment rate remaining low at 3.6%.

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