Opinion | The Fed Shouldn’t Raise Interest Rates Too Quickly

Here’s a missive to both the Federal Reserve and the financial markets: As the central bank raises interest rates, remember the tortoise, the hare and Milton Friedman.

In the well-known fable, the tortoise, who was methodical, not at all flashy but firmly focused on the endgame, defeated the hare, who was mercurial and easily distracted. Financial-market traders frequently behave like the rabbit. The Fed needs to behave more like the turtle. Consider: