Federal Reserve officials are wrestling with how to set expectations for their policy meeting in two weeks after another scorching inflation report threatened to again upend their unusually precise guidance
Fed governor Christopher Waller says the central bank needs to raise rates high enough to slow the economy
The Federal Reserve's main tool for managing the economy is to change the federal-funds rate, which can affect not only borrowing costs for consumers but also shape broader decisions by companies like how many people to hire. WSJ explains how the Fed manipulates this one rate to guide the entire economy. Illustration: Jacob Reynolds.
Fed governor Christopher Waller on Thursday pushed back against market expectations that the central bank would lift its benchmark federal-funds rate by a full percentage point at its July 26-27 gathering, even though he left the door open to such a move if economic data revealed stronger-than-expected demand.
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