The Federal Reserve is set to confirm its plans to raise interest rates in March for the first time since the onset of the pandemic, as the US central bank charts a more aggressive course towards monetary tightening in the face of sticky inflation.
Fed officials will convene this week for their inaugural policy meeting of 2022, the first since the central bank made its fight against rapid US consumer price growth its top priority.
The Fed has hardened its rhetoric in recent weeks about the risks posed by high inflation, with chair Jay Powell this month calling it a “severe threat” to a sustained economic expansion and a robust labour market recovery.
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