James Thorne, chief market strategist at Wellington Altus, warned that the Federal Reserve could repeat a pre-2008 policy error by raising interest rates during an energy supply shock, while investor Peter Schiff said a 25-basis-point hike would do little to curb inflation. Thorne said higher oil prices can lift inflation while reducing household purchasing power and slowing growth, increasing the risk that tighter financial conditions deepen a downturn. WTI crude rose more than 20% in a month and Brent gained more than 18% as oil approached $100 a barrel. The New York Fed said consumers' perceived probability of higher unemployment over the next year reached 44.4%, the highest since April 2020. The CME FedWatch tool put the odds of a hike at 60.5% and a hold at 39.5%. The Fed was scheduled to meet Sept. 15-16 after five consecutive rate holds, with its decision due Sept. 16.