Fed signals rates lift-off ‘soon’

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Federal Reserve sees asset-reduction to follow shortly after

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US Federal Reserve chair Jerome Powell. Picture: BRENDAN SMIALOWSKI/REUTERS

In a separate statement, the Fed said it expects the process of balance-sheet reduction “will commence after the process of increasing the target range for the federal funds rate has begun”. The Fed stopped short of specifying March as the starting point of rate liftoff. It also reiterated that “risks to the economic outlook remain, including from new variants of the virus”.

Officials held the target range for their benchmark policy rate unchanged at zero to 0.25% as expected. Despite criticism that it has dragged its feet, the Fed is moving much quicker than it once expected to — prompted by the failure of inflation to fade as anticipated amid robust demand, snarled supply chains and tightening labour markets. As recently as September, central bank officials were split on whether any rate hikes would be warranted in 2022.

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