FORGET THE RULEBOOK. TIMES CALL FOR A RATE CUT

摘要

What should the Federal Reserve be doing these days? Unemployment is below 4% and core inflation is running at a 2.5% rate—up from 1.9% a year ago—despite six rate hikes. The old rule book says the Fed ought to keep tightening monetary policy. At a minimum, conventional wisdom holds that interest rates should be kept steady to avoid an inflationary spiral.