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Fed says it's likely to raise key interest rate soon to fight high inflation

Added 01-26-22 03:03:02pm EST - “The Federal Reserve said Wednesday it will likely begin to raise interest rates soon, probably in March, as the central bank tries to rein in record-high inflation.” - Washingtontimes.com

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Posted By TheNewsCommenter: From Washingtontimes.com: “Fed says it’s likely to raise key interest rate soon to fight high inflation”. Below is an excerpt from the article.

The Federal Reserve said Wednesday it will likely begin to raise interest rates soon, probably in March, as the central bank tries to rein in record-high inflation.

The Fed didn’t set a timetable, but said a quarter-percentage-point increase of its benchmark short-term borrowing rate is likely coming soon. 

It would be the first increase since December 2018 in the rate, which has been near zero since the start of the COVID-19 pandemic.

“With inflation well above 2% and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate,” the Fed’s statement said. The committee doesn’t meet in February.

The announcement was not a surprise, but the expected action has caused turmoil in markets since the start of the year.

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