The December FOMC meeting saw an important shift in the Fed thinking with an earlier end to QE (by mid-March) with the dot plot signaling three rate hikes in 2022 and three more in 2023. To be fair the Fed have been shifting for some time. Last March they were still saying it would be 2024 before hiking. In June they went to 2023 and in September they had the first hike coming in 2022 (but just one). The minutes to the December FOMC meeting show that inflation readings had caught them off guard and they have had to play rapid catch-up. In this regard they acknowledged “that supply chain bottlenecks and labor ... (full story)