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More from The Fed column

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Powell opposes idea of raising 2% inflation target to 4%, saying he doubts it would be credible

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Fed holds interest rates steady — but it leaves itself plenty of wiggle room by removing ‘patient’ pledge

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Fed statement after June FOMC meeting

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History suggests Fed can’t make ‘insurance cuts’ to keep expansion alive

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Trump on demoting Federal Reserve chief Powell: ‘Let’s see what he does’

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Despite dollar pressure, Draghi won’t spur Fed into rate cut, economists say

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Retail sales look strong, with a solid gain in May and an upward revision to prior month

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The Fed won’t cut interest rates next week after CPI report — but probably will in July, economists say

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Get out the scissors — Barclays forecasts a half-point rate cut from the Fed in July

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If Fed wants to inject positive surprise, June interest-rate cut might be best: economist

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New York Fed president says uncertainty roiling economy may lift in a few months — but doesn’t rule out action in June

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Fed uses Chicago conference to signal it will use quantitative easing aggressively to fight next recession

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Summers goes from mocking to joining Kudlow’s half-point rate cut call in two months

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Not so fast — interest-rate cuts are not a done deal, experts at Fed conference say

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Powell signals it might be time to wave goodbye to the Fed’s ‘dot plot’