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John Authers, Richard Abbey & Carolyn Silverman, Columnists

The US Is Exceptional — When It Comes to Rates

The Fed is expected to maintain its pause as the gap widens with other central banks.

It makes sense to be an outlier.

Photographer: Al Drago/Bloomberg

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Federal Reserve Chair Jay Powell has barely a year left to fortify his legacy. For all the plaudits he gets for steering an aggressive hiking cycle without crashing the economy, it will be forever tarnished by misdiagnosing post-pandemic inflation as transitory. That misjudgment proved costly to monetary policy credibility. For now, that’s water under the bridge. The Fed’s management of the fallout has been as successful as anyone could have hoped.