The Federal Reserve could raise interest as rates as soon as 2022 --- much sooner than previously expected --- but it's likely to be a close call.
The Federal Reserve could raise interest as rates as soon as 2022 — sooner than previously expected — but it’s likely to be a close call.
Yet not all 18 of these senior Fed officials are voters on the bank’s interest-setting panel known as the Federal Open Market Committee. And that’s critical. The Fed bank presidents, on the other hand, tend to be somewhat more aggressive in combating inflation. Inflation is running above 4% this year and recently hit a 30-year high, using the bank’s preferred PCE price barometer. It’s twice as high as the Fed’s 2% target.Would Powell risk a split on the FOMC in 2022 if push came to shove? Economists say no. They expect he would try to build a consensus, leaving in doubt whether the first rate hike takes place next year or in 2023.
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