The Fed blinked. The real fight is over its independence
Special report
The Federal Reserve cut rates by a quarter point, taking the federal funds target range to 4%-4.25%.
That is the headline. The story beneath it is starker.
The labour market is losing momentum, core inflation has drifted higher, and political pressure is no longer background noise. The cut is modest, yet it signals a central bank that is being pushed to…
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