Complicating the Fed’s decision are the ongoing repercussions from this spring’s banking crisis. Fed officials have said the fallout from the failures of Silicon Valley Bank and Signature Bank will slow the economy. Tremors in the financial system have made banks more reluctant to loan money, curbing demand in a way that mimics an interest rate hike. But policymakers will need to debate — and then explain to the public — just how significant that broader slowdown will be.

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