One electrical-equipment producer said pricing volatility and delivery delays are “arguably worse than the pandemic era,” with both moving relentlessly higher. Any reading above 50% signals manufacturing expansion, and the July figure was the strongest since May 2022. The rate of deterioration may have moderated, but input prices are still rising throughout the manufacturing chain. If it cuts rates while manufacturing prices are surging, the same politicians will blame it when consumer prices accelerate again..Interest rates do not rise solely because of inflation. Nor can the Fed safely cut rates simply because the supply problem is outside its control.