US rates: Partial vision

It looks like the Federal Reserve Board thinks overnight interest rates are almost high enough. But the US central bank’s view doesn’t make sense. The US economy is both too inflationary and too unbalanced. Rates need to keep rising. The latest Fed minutes show members more worried that rates were too high than too low. They were happy with the 2.1% annual rate of so-called core inflation, which excludes energy and food. The minutes persuaded most investors that the next rate increase, to 5%, w...