The Fed's Inflation-Fighting Credibility May Be Making Jobs Tougher

Our economy has become increasingly services-oriented, and as you mentioned earlier, the services sector is just less sensitive to interest rates. Even 1% each point higher unemployment rate means a lot of job losses. Mark O'Mara: Financial markets have not been helping the Fed. The market has been repeatedly pricing in rate cuts in the future even as the Fed is raising its current policy rate.