The Federal Reserve announced another 25-basis point increase in its benchmark interest rate range to 4.75% to 5%, the highest level since 2007.

But though far from the 50 and 75 basis point increases instituted over the last year, this may have been one of the most controversial choices the Federal Open Market Committee has made.

On one side stands inflation. While slowing, it has been persistent, especially in core components. The Producer Price Index has also slowed its growth, but remains high, especially in areas like construction. New jobs have also continued to do better than people have expected. All signs that inflation is not down to where the Fed wants.

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