Joseph Stiglitz explains why the Fed shouldn't raise interest rates

Federal Reserve Chair Janet Yellen and Vice Chairman Stanley Fischer preside over a meeting in Washington on July 20.As central bank governors, Federal Reserve officials, economists and reporters convene for the annual economic policy retreat in Jackson Hole, Wyo., this weekend, the question on everyone's mind is: Will the Fed raise interest rates come September?

The answer should clearly be "no." The preponderance of economic data indicates that the predictable costs of premature tightening — slower job and wage growth — far outweigh the risk of accelerating inflation.

Six years into a lackluster U.S. expansion, price growth for personal consumption expenditures — excluding food and energy —…