Project Syndicate: The Federal Reserve is stuck in a deep hole — and it has only itself to blame

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One might think that predicting the U.S. Federal Reserve’s next policy moves would become easier now that the U.S. central bank has already hiked interest rates 10 consecutive times, for a total of five percentage points.

Not so fast: I suspect that few, if any know for sure what the Fed will do at its June 13-14 meeting — not even the Fed itself.

Over…