Contrary to What the NYT Tells You, the Fed Believes that Raising Borrowing Costs Slows Growth

The Federal Reserve Board yesterday raised interest rates. According to comments from Chair Jerome Powell and other Fed board members, they believe that the unemployment rate is approaching, if not below, levels where it could trigger inflation. The hike yesterday, along with prior hikes and projected future hikes, was done with the intention of keeping the unemployment rate from getting so low that inflation would start to spiral upward.

This is not the same as "express[ing] confidence that...