What the Fed Should Do Next

If the Federal Reserve was looking for reasons not to raise interest rates when its policy-making committee meets later this month, it now has two. Today's new and surprisingly weak U.S. employment numbers, added to investor anxiety about a possible British exit from the European Union, make a plausible case for leaving short-term interest rates unchanged.

That would be a mistake. The Fed needs to step back and consider. A British exit and volatile U.S. jobs numbers notwithstanding, the balance of evidence continues to shift. The case is strong for moving monetary policy back toward normal -- gently but purposefully, and without further delay.