Evaluating how Fed policy impacts the economy helps guide officials seeking to tame inflation without wrecking the jobs market.

In the year since the Federal Reserve brought interest rates to a more than two-decade high, the central bank has succeeded in taking the steam off of an overheated U.S. economy. But higher borrowing costs have also had some unexpected effects.

Higher-income households are reaping the benefits of a booming stock market and rising home values. Corporations are borrowing at a fast clip, and consumers continue to spend.

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