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Latest Fed Increase Came Down to the Wire. ‘That Was a Rough Weekend.’
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Federal Reserve Chair Jerome Powell and his colleagues faced their closest call on interest rates in years. It wasn’t until the clock was ticking down two days before their scheduled decision last month that senior leaders settled on a plan to lift them by a quarter percentage point.
That was down to the wire in Fed time. Rate-setting meetings are usually tightly choreographed and devoid of suspense. The big decisions happen in the week leading up to the gathering and not during the two days of elaborate presentations and discussion around the boardroom table. Fed leaders like to avoid surprises so they can fine-tune their public message.
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