Most Fed officials signaled they were prepared to raise rates at least three times next year to cool high inflation
As expected, officials also approved plans to more quickly scale back its pandemic stimulus efforts in response to hotter inflation, opening the door to rate increases starting next spring.
They chose to accelerate their stimulus wind-down “in light of inflation developments and the further improvement in the labor market,” the statement said. Brisk demand for goods, disrupted supply chains, temporary shortages and a rebound in travel have pushed 12-month inflation to its highest readings in decades. Core consumer prices, which exclude volatile food and energy categories, were up 4.1% in October from a year earlier, according to the Fed’s preferred gauge.
But if it looks like high inflation is broadening, they might decide instead that they need to raise rates sooner, before meeting the employment goal.
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