It is possible that, even as tax cuts and government spending boost growth and spur hiring, the risk of the economy overheating hasn’t increased. Maybe, but the Federal Reserve probably isn’t about to embrace that idea. Fed policy makers on Wednesday raised their range on overnight rates by a quarter point, to 1.5%-1.75%, and acknowledged that the outlook for the economy “has strengthened in recent months.” New economic projections showed their median expectation was for gross domestic product to grow by 2.7% this year and...

Source: Wall Street Journal March 21, 2018 20:47 UTC