Powell, the Fed's chairman, discovers inflation to be a more obstinate foe than expected.

The central bank chief is balancing between managing inflation and precipitating a recession.

Whiplash, to say the least.

The Federal Reserve raised interest rates for the fourth time in a row on Wednesday, coupled with a statement that Wall Street read as a signal that it might begin to slow the pace of future rate increases.

Within minutes, the Dow Jones Industrial Average soared 300 points. Then, Chairman Jerom....