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The Bond Market’s Message

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Journal Editorial Report: A Census Bureau report reveals inflation's corrosive effects. Images: DPA via Zuma Press/Getty Images Composite: Mark Kelly

Hold short-term interest rates at current levels, and threaten to raise them if inflation morale doesn’t improve. That’s current Federal Reserve policy. The trouble is that the central bank doesn’t set interest rates anymore.

The bond market does.Continue reading your article with
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