Fed Eyes 3 Rate Increases in 2022; Slows Stimulus as Prices Rise
The New York Times
Federal Reserve officials suggested as many as three interest rate increases in 2022 as the economy heals and inflation persists.
Federal Reserve policymakers on Wednesday said they will cut back on their stimulus more quickly at a moment of rapid inflation and strong economic growth, capping a challenging year with a pronounced policy pivot that could usher in higher interest rates in 2022.
A policy statement and a fresh set of economic projections released by the central bank detailed a more rapid end to the monthly bond-buying that the Fed has been using throughout the pandemic to keep money chugging through markets and to bolster growth.
Officials are slashing their purchases by twice as much as they had announced last month, a pace that would put them on track to end the program altogether in March. That decision came “in light of inflation developments and the further improvement in the labor market,” according to the policy statement.
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