Jimmy Carter lost the 1980 general election by a landslide to Ronald Reagan, so it's difficult to understand why Joe Biden continues to follow the Carter 'malaise' playbook today. Bettman via Getty Images/Shutterstock Composite: Mark KellyThe Federal Open Market Committee faces a momentous decision this week, with markets fully expecting a history-making second-in-a-row 0.75-point hike to the federal-funds rate. The hike at the prior meeting brought the key policy rate to 1.
Normally the Fed would never raise rates in a recession. But the most recent consumer-price index data, showing 9.1% headline inflation year-over-year as of June, is anything but normal. The last time the committee faced such a difficult decision was in the early 1980s, under the chairmanship of Paul Volcker.
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