Why the Fed Might not Be Done Raising Rates

The Fed’s new dilemma

The futures market this morning is overwhelmingly pointing to a big pause by the Fed at its rate-setting meeting next month as inflation moderates. But, as some Fed officials warn, it’s too early to declare mission accomplished.

That tinge of uncertainty is muting investor enthusiasm. Stocks initially rallied on Thursday following a Consumer Price Index and core inflation reading that showed price increases moderated…