Fed signals rate hikes for 2023 as inflation rises, virus fades

From reuters.com

The Federal Reserve on Wednesday brought forward its projections for the first post-pandemic interest rate hikes into 2023, citing an improved health situation and dropping a longstanding reference that the crisis was weighing on the economy. New projections saw a majority of 11 of 18 U.S. central bank officials pencil in at least two quarter-percentage-point rate increases for 2023, even as officials pledged in a statement to keep policy supportive for now to encourage an ongoing jobs recovery. That rate-hike view, coupled with a new forecast for three years of inflation running above the central bank’s 2% target, ... (full story)