WASHINGTON -- It is a good thing that Wayne D. Angell is no longer a Fed governor, for even he believes he will be disappointed with the central bank when it holds its next interest rate policy-setting meeting in early July.

"They should raise the discount rate 75 basis points," Mr. Angell said last week. But he concedes that such extreme action is unlikely when the Federal Open Market Committee next meets July 5 and 6.

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