The Fed’s latest dot plot is just one element in the murky economic picture. The U.S. central bank’s signature chart of interest-rate expectations now foretells three hikes in 2022. But the dots are far from settled, says GinaChon.
The U.S. central bank’s Federal Open Market Committee on Dec. 15 left the target range for the federal funds interest rate unchanged at 0% to 0.25%. The committee's median expectation was for three quarter-point hikes in 2022, compared to one increase forecast in September.
The committee also said it would accelerate the reduction of its $120 billion monthly bond-buying program initiated in 2020 in response to the pandemic. Instead of paring purchases of Treasury and mortgage-backed securities by $15 billion a month as decided in November, the Federal Reserve will cut them by $30 billion a month.
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