Four in 10 Americans can't afford a $400 emergency without going into debt.<br />That contradicts the predominant view among Fed officials that the economy is at "full employment."<br />The Fed has been focusing on the bright side of economic conditions.<br />They're doing so in order to justify ongoing interest rate increases.<br />However, the Fed's own Community Advisory Council admits there's a downside to rate hikes.<br />Namely, they result in "higher unemployment levels and preservation of racial inequities in employment." <br />
