Jerome Powell holds a news conference in WashingtonReuters The Federal Reserve said Wednesday it "will soon be appropriate" for it to raise its benchmark interest rate. The rate affects borrowing costs throughout the economy and is the Fed's main tool for cooling inflation. While timing for future hikes wasn't mentioned, signs point to the first hike coming as early as March. The Federal Reserve offered its clearest sign yet that it's ready to raise interest rates as it looks to quash historically strong inflation.The central bank announced on Wednesday it would hold its benchmark interest rate near zero and maintain its current pace for tapering emergency asset purchases.
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bwinck@businessinsider.com (Ben Winck), Business Insider
Wed, 01/26/2022 - 12:13pm
Topics: will soon be appropriate jerome powell washingtonreuters federal open market committee the fed december consumer price index goldman sachs omicron jpmorgan ceo jamie dimon january cnbc nasdaq s&p fomc business insider the federal reserve march fed committee inflation raise interest rates benchmark hikes bank central meeting early wednesday strong specific published economic lift stocks future showed timing tool news cooling emergency month times pace ndash tightening growth fueled weeks faster
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