The big news from the Federal Reserve on Wednesday wasn’t that it raised interest rates three-quarters of a point. Everybody knew it was going to do that, just as it had done in May, in July, and in September. The big news was that the Fed is less distressed about the prospect of runaway inflation than potential voters in next week’s midterm elections.The signal that the Fed expects inflation to ease was in the following statement:In determining the pace of future increases in the target range…
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