There are good reasons to think the Federal Reserve would be preparing to cut interest rates this week due to recent improvements on inflation—if not for [the risk that tariffs pose to prices](

The inflation-fighters at the Federal Reserve are expected to keep their key interest rate unchanged Wednesday for the fourth straight time.

U.S. interest rates look too high, relative to inflation. A compelling argument can be made that U.S. interest rates are higher than they “should” be relative to inflation. The implication of that argument is that rates are likely to decline in the coming months,