At the close of its meeting this week, the Federal Reserve left its benchmark rate unchanged at a range of 3.5% to 3.75% for the fourth meeting in a row — the first decision under new chairman Kevin Warsh. But the projections released alongside it told a more pointed story: With inflation back above 4% and energy prices climbing, there's a significant possibility that the central bank's next move will be a rate hike rather than a cut, possibly before the year is out.  That means the era of

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