How the Fed Could Lose Its Cool

As part of its efforts to calm the economy, the Federal Reserve raised rates on Wednesday. By the time of its next policymaking meeting in September, temperatures could be much lower.

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


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