Forget about the Fed’s dual mandate—this investment advisor says they’ve added a third mandate, and won’t be cutting rates anytime soon

• After running interest rates near zero for a decade and a half, the Federal Reserve has turned cautious and is unlikely to cut anytime soon, according to Jeff Klingelhofer, a managing director and portfolio manager for Aristotle Pacific Capital. That’s because the central bank is concerned about social stability and inequality following its brush with record-high inflation—and low rates make inequality worse.

Most everyone knows about the Federal Reserve’s dual mandate. Set by Congress...