The Fed’s been wrong on inflation again. It may adjust its forecast.

The U.S. economy hasn’t slowed all that much. High inflation has proven to be quite sticky. And the rip-roaring labor market is still producing lots of new jobs.

No matter. The Federal Reserve is poised to make no change in a key U.S. interest rate next week after raising it in 10 straight meetings since the spring of 2022.

If the Fed pauses…