Editorial Board

Jobs Numbers Make Case for a Patient Fed

How the central bank normalizes policy matters more than its timing.

What's the rush?

Photographer: Paul J. Richards/AFP

The latest jobs figures for the U.S. economy are in line with expectations and won't alter the Federal Reserve's thinking on when to start raising interest rates. That moment is approaching. Many analysts expect liftoff next month -- a guess that the Fed has lately done nothing to challenge. Would an increase in September, at its next meeting, be the right move?

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