How the Fed is raising interest rates through talking

By Joseph Lawler

Published June 6, 2016 4:01am ET

How the Fed is raising interest rates through talking — Fed Chairwoman Janet Yellen and other officials has served to convince investors that rates are rising faster than previously thought, and those investors in turn have bid up interest rates on short-term bonds. (Graeme Jennings/Examiner)

Federal Reserve officials have raised interest rates this spring, even before they meet next week to vote on monetary policy.

They tightened monetary policy, raising the cost of borrowing and putting downward pressure on prices, not by changing their interest rate target, but simply by talking.

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