The Federal Reserve claims that its decisions are data-driven and that as a technocratic, non-partisan institution, it bases monetary policy on the numbers. But an all-but-certain interest rate hike on Wednesday would directly contradict this narrative of an institution relying only on hard data.
By raising interest rates, the Fed is essentially declaring victory on the economic recovery. But despite a few recent jobs reports that show headline unemployment numbers dipping, a deeper look into the economic indicators reveal a recovery that is far from over. Indeed, for most people, it's hardly begun.