The end of the inflation consensus

The conventional wisdom about the economy is falling apart. What will take its place?

Is it time to increase interest rates?
(Image credit: Ikon Images / Alamy Stock Photo)

Is there a rebellion brewing in the Federal Reserve?

On Wednesday, America's central bank released the minutes from its September meeting, which yet again ended with a decision to hold the central bank's interest rate target steady at 0.25 to 0.5 percent. But the minutes reveal ever more dissension in the ranks: Three voting members wanted to hike rates again, and even those who voted for the hold said it was a "close call" and they think a hike would be appropriate "relatively soon."

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