Policymakers signal the benchmark rate will end 2022 at 3.4%, up from 1.9% forecast in March, implying 150 bp of additional tightening over the remaining four meetings of the year.
, which runs counter to previous communications, is likelyby suggesting officials are losing confidence in their own forecasts.could deviate from prior guidance in the future at the drop of a hat if inflation figures continue to surprise to the upside, a situation that could fuel further volatility around the release of key economic reports.
On inflation, the FOMC indicated that the invasion of Ukraine and related events are creating upward pressure on prices, complicating the growth outlook. The communique also noted that officials are, the statement language didn't change much, reiterating that the committee anticipates thatThis time the bank raised rates by 75 bps, so these comments may signal additional 75 bp hikes in the future.
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