, Columnist
The Fed’s 1 Million Lost Jobs
The Federal Reserve’s insistence on raising interest rates is preventing more Americans from working.
Sign of things to come?
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Over the past two and half years, the Federal Reserve has consistently underestimated how low unemployment could fall before sparking an increase in inflation. As a result, the Fed began raising interest rates sooner than was necessary — leading to slower economic growth and fewer jobs.
How many fewer? Research by Adam Ozimek, senior economist for Moody’s Analytics Inc., suggests that the economy would have created up to 1 million more jobs in the last few years.