Fed plans to raise rates as soon as March to cool inflation
Federal Reserve Board Chairman Jerome Powell listens during his re-nominations hearing before the Senate Banking, Housing and Urban Affairs Committee, Tuesday, Jan. 11, 2022, on Capitol Hill in Washington. (Brendan Smialowski/Pool via AP)
WASHINGTON (AP) — The Federal Reserve said Wednesday that it will "soon" be time to start raising interest rates, a key step in reversing pandemic-era policies that have fueled hiring and growth but also high inflation.
The Fed is expected to lift its benchmark short-term rate from zero as soon as March, when it also plans to phase out monthly bond purchases that have been intended to anchor longer-term rates...
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