Fed rates dissenters make their case for higher rates

Inflation has been too high for too long, and the Federal Reserve should not count on it fading without further action. That is the argument from the three Fed officials who dissented from the decision led by chairman Kevin Warsh to leave interest rates unchanged this week, preferring instead to raise them. Why it matters: Together, the dissents lay out a blueprint for the Fed's hawkish wing, arguing that repeated supply shocks paired with resilient demand have made inflation too persistent…