Unemployment fell below 4 percent — approaching five-decade lows — wages began to climb and economic growth was heading toward 3 percent. The Fed, convinced the economy could withstand higher borrowing costs, raised rates three times. Yet the Fed raised rates a fourth time at that December meeting, a move that even some Democratic economists called unnecessary. Mr. Powell tried to pull off what Fed insiders call a “dovish hike” — raising rates while conveying to markets that the end of such increases was in sight. But in Fed forecasts released that day, it appeared that officials intended two rate increases in 2019.

Source: New York Times April 13, 2019 16:07 UTC