The Fed’s Interest Rate Hikes Could Be Even Worse Than Feared

Don’t fight the Fed has long been a Wall Street motto. But the nation’s central bank thus far has been a reluctant fighter in the battle against inflation, with leadership resembling that of George McClellan, the Civil War general fired by President Lincoln for failing to aggressively attack the Confederate Army under Robert E. Lee.

In the past week, Fed officials stepped up their rhetorical anti-inflation campaign, with Jerome Powell all but promising a half-point increase in the federal-funds target range at the next Federal…