The highest U.S inflation rate in nearly 40 years seen in Friday's November CPI data, will prompt the Federal Reserve to begin raising its benchmark...
The highest U.S inflation rate in nearly 40 years seen in Friday’s November CPI data, will prompt the Federal Reserve to begin raising its benchmark short-term interest rate sooner and higher than previously appeared to be the plan, economists said Friday.
In face of these new risks, the Fed will begin a journey next week toward a more neutral policy stance. The unspoken message is that the Fed will be prepared to start raising interest rates sooner too, Shapiro said.“It makes no sense to have interest rates where they are right now – both on the price front and on growth – zero sense, and they’ve kept them for too long to begin with,” Shapiro said.
In September, the Fed’s dot-plot forecast of interest rates penciled in only one rate hike next year. The projections showed a gradual hike in the fed funds rate to only 1.8% at the end of 2024.
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