Watch Fed Chair Jerome Powell News Conference After Rate Decision Video

21 sec read

“Just last month, the Federal Reserve was set on keeping its key interest rate near zero to boost the economy and help more Americans return to work after the COVID-19-induced recession.

“Now, the Fed seems nearly as determined to raise the short-term rate to fight inflation.

“In an effort to rein in price increases that hit a 39-year high last month, the Fed on Wednesday agreed to clear the way for earlier and faster interest rate increases in 2022 by accelerating the phaseout of its bond-buying stimulus.

“It’s now forecasting three rate increases next year.”

Read more at USA Today

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