Be grateful the Fed is not the ECB

The Federal Reserve is meeting again this week to decide what to do about interest rates. Earlier this year, it surprised everyone by pausing indefinitely its recent run of rate hikes. All indications are that the pause will continue. This is to the central bank's credit. The Fed is a deeply flawed institution, but its record since 2008 suggests a willingness to think broadly, to adapt, and to seriously weigh ordinary Americans' need for jobs and wages. By contrast, the other most...