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The Fed's desire not to tie itself down is understandable. After 16 consecutive rate increases, American monetary policy is no longer loose and there are signs that areas of the economy that are sensitive to interest rates, notably the housing market, are feeling the effects of dearer money. Virtually all economists predict slower economic growth in the months ahead, a view given credence by April's surprisingly modest pace of job creation. Because higher interest rates take awhile to show their full effect, prudence suggests a pause. Otherwise the central bankers risks lowing demand too sharply.