Editorial Board

Mending the Fed's Forward Guidance

Complaints about the central bank's clarity are partly unfair -- but only partly.

Say what?

Photographer: Andrew Harrer/Bloomberg

The Federal Reserve's decision Wednesday to leave interest rates unchanged came as no surprise. Investors would have been stunned if the central bank had done anything else. The big question remains as before: Will rates go up at the policy makers' last meeting of the year, in December -- and if not then, when?

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