The Federal Reserve is finding it harder to cool the economy than almost anyone expected. Most corners of the U.S. economy are performing very well considering the Fed has been aggressively raising rates for seven months. Manufacturing continues to expand, consumer spending remains strong, the labor market is still extremely tight and Q3 GDP data will likely show solid growth.
While the rate increases have done little to cool spending and tamp down inflation, critics are increasing their calls for the Fed to stop raising rates. The argument is that further monetary tightening will have…
