The Fed Is Wall Street's Poodle & Main Street's Bane

The Federal Reserve is Wall Street’s poodle and Main Street’s bane. Wednesday’s decision to hold interest rates at 3.75 to 4 percent did nothing to dispel that reputation. Behind the seemingly benign pause lurked a familiar threat: more rate hikes, higher borrowing costs, and another monetary-policy mugging of the American worker. 

The vote was 10–2. Cleveland Fed President Beth Hammack and Governor Lisa Cook wanted to raise rates. This follows September’s hike, the first in more than three years.