The Fed may be on the verge of a serious mistake, prominent economists warn

Investors on Wall Street and observers of the Federal Reserve in Washington largely expect the central bank to raise interest rates when it meets this week, but some prominent economists are warning that such a move could prove to be a mistake. They see the economy as more vulnerable to a steep slowdown in growth than commonly believed. The Fed’s job is to keep employment steady and inflation under control. If central bank officials raise rates on Wednesday, the goal will be to cool inflation. But these economists worry that a rate hike could cause a sharp cut in economic...