Federal Reserve officials suggested at their most recent meeting that a continuing streak of robust hiring could keep inflation elevated and was a key reason why they expected to raise interest rates this year more than they had previously forecast.
File - Federal Reserve Chair Jerome Powell speaks during a news conference Wednesday, Dec. 14, 2022, at the Federal Reserve Board Building, in Washington. On Wednesday, the Federal Reserve releases minutes from its December meeting when it raised its benchmark lending rate by a half of a point its seventh and final increase of the year in its ongoing battle to bring down stubbornly high inflation.
Overall, the minutes showed that Fed officials remained determined to keep rates high to quell inflation and have taken little comfort from inflation’s decline from a peak of 9.1% in June to 7.1% in November. The hard-line message caused the stock market to tumble after the Fed announced its latest rate hike and projected that there would be more hikes this year than had been expected.
In a set of quarterly economic projections they issued after the Dec. 14 meeting, the officials said they expected to raise their benchmark rate to a range of 5% to 5.25% and to keep it there until the end of the year. That was a quarter-point higher than financial markets had expected. Many economists have warned that the central bank’s aggressive rate hikes will plunge the economy into recession this year. The Fed officials predicted last month that the unemployment rate would rise to 4.6% this year from 3.7% now — a pace that typically has coincided with a recession.
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