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Fed Reiterates Rate Hike 'Soon' In Semi-Annual Monetary Policy Report
Summary: The Federal Reserve released its semi-annual monetary policy report on Friday, saying it would "soon" raise interest rates to combat high inflation amid an active U.S. job market. "With inflation well above the FOMC's longer-run objective and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for ...
The Federal Reserve released its semi-annual monetary policy report on Friday, saying it would "soon" raise interest rates to combat high inflation amid an active U.S. job market.
"With inflation well above the FOMC's longer-run objective and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate," the report said.
Inflation persisted even as the conflict in Russia and Ukraine cast doubt on the pace of the Fed's rate hikes. The report released by the Commerce Department showed that the core personal consumption expenditures (PCE) price index, rose 5.2% year-on-year in January, reaching the highest level since April 1983.
By Mary Liu
Tags: Fed,Inflation Rate
Link: Fed Reiterates Rate Hike 'Soon' In Semi-Annual Monetary Policy Report [Copy]
