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Three Rivals Agreed to Slow Down. Only the First Step Needs No One's Permission.

Agreement between three people who agree on almost nothing is the headline. The substance is narrower and more useful — a commitment an outsider can actually check, and two that nobody can yet.

A Speed Limit 55 sign beside a road, dry hills behind it under a clear sky.

Slower is not stopped. Of the essay's three steps, only the first — outsiders inside the lab, free to publish — needs nobody else to agree. File photograph.

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Screens displaying financial market prices.
Futures put the chance of a rise next week near 59 percent. Three months ago the same market was arguing about the size of a cut. File photograph.

Brent Passed a Hundred Dollars and the Fed's Next Move Changed Direction

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