“As we write, the money is even on whether the Fed´s Open Market Committee will choose to push up the Fed funds rate at its meeting tomorrow, or perhaps after the election in November. With unemployment at a seven-year low of 5.1%, the Street´s priests are warning that higher inflation is around the corner unless the economy makes the autumnal sacrifice of a pre-emptive rate hike.” WSJ, 23 Sept. 1996
The Fed did not raise rates at the September FOMC meeting (nor after the November election). It did a “one and done” in March 97.
And below inflation and unemployment.