America’s battle with inflation is about to get trickier

It was never in doubt. In the run-up to the Federal Reserve’s latest meeting, investors assigned a probability of nearly 99% to the central bank raising interest rates once again. On July 26th policymakers duly fulfilled those expectations, with their 11th increase in 12 meetings, together making for America’s sharpest course of monetary tightening in four decades. The central bank’s next steps, however, are clouded by uncertainty.