NYT: A sharp debate within the Federal Reserve over when to raise interest rates was publicly aired last week where a small yet vocal minority of Fed officials who want to head off inflation by raising rates sooner rather than later. On the other is a majority that thinks a near-term rate hike would stifle growth and, with it, any chance of restoring health to the labor market.

The economic evidence indisputably favors the majority. Arguing in favor of a near-term rate increase by the "vocal minority" is to argue for subpar wage growth and for continuing a status quo in which economic gains flow largely into profits of corporations rather than wages of workers.

The answer, however, is not to raise rates, slowing the entire economy in order to tame the markets.