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The Federal Open Market Committee of the Federal Reserve (Fed) meets tomorrow and Wednesday to determine interest rates. Given recent economic news, most analysts expect the Fed to cut interest rates. The Fed has a dual mandate to ensure stable prices and maximum employment. In this respect, it is different than many other central banks, who are generally only tasked with keeping inflation low. To make the Fed’s task more difficult, they only have one tool, interest rates, to accomplish these dual goals. When you hold a hammer, everything looks

The Augusta Labor Market Index remained unchanged in July from June. It is 1.0 percent higher than a year ago. As previously reported in this column, employment fell in July, but other measures of labor market activity remained strong. Average weekly earnings rose by 2.6 percent ($30.70) over the month, and average weekly hours worked increased by 36 minutes. The unemployment rate remained at 4.2% and the labor force fell by just 0.1 percent. Since the beginning of the year, the Augusta LMI has increased by 0.5 percent, faster than