Why raising interest rates this week may have been a bad idea

"This surprised us a bit because it suggests that there were many more people who were interested in working than historical patterns predicted," he said.

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"Today's hike seems to signal that Fed policymakers think that we're currently at or very near full employment, and that failing to slow the pace of economic growth in coming months would soon lead to accelerating wage and price inflation. They could be right, of course, but it is important to note that there is little in actual economic data to indicate this," Bivens wrote.