Last week, the Federal Reserve decided to pivot to a wait-and-see stance on interest rates after raising them at a regular clip since December 2015. “The U.S. economy is in a good place,” Fed Chair Jerome Powell said in a Jan. 30 press conference . However, “in light of global economic and financial developments and muted inflation pressures, the [Federal Open Market] Committee will be patient as it determines what future adjustments to the target range of the Fed Funds Rate may be appropriate.” The global developments giving the Fed pause include slowing growth in some major foreign economies, particularly China and Europe, the economic impact from Brexit, the fallout from trade wars and a possibly prolonged federal government shutdown. “The cumulative effects over the last several months warrant a patient wait-and-see approach regarding future policy changes,” he said. What traditionally has forced the Fed’s hand to raise rates was the specter of high inflation.…