Inflation is shaping up as a defining issue of the midterm US elections as consumer prices in the world's biggest economy rage at a four-decade high, and US Federal Reserve officials set the scene for at least three interest rates rises this year.Producer prices climbed 0.2 per cent in December for an annual increase of 9.7 per cent, which is the largest since records were kept, going back to 2010.
While Dr Brainard concurred that March was the probable timing to depart the Fed's emergency rate settings -- the Fed funds rate is between zero and 0.25 per cent -- the possibility of four rate hikes was broached by another Fed official this week. The consumer price index is at a 39-year high, growing 7 per cent in annual terms as of December, after prices increased 0.5 per cent last month.ANZ makes the case for five Fed hikes in 2022 taking the Fed funds rate to 1.5 per cent by the end of this year, because it is already "behind the curve," said Brian Martin, senior international economist. The market is roughly priced for four increases, pricing in 90.2 basis points or 0.9 of a percentage point worth of policy tightening.
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