Federal Reserve officials expect to raise interest rates three times next year in a dramatic shift from their projections just three months ago as the US central bank assumes a much more aggressive approach to taming surging inflation.
The more hawkish interest rate forecasts were published alongside a plan to double the pace at which the Fed withdraws or “tapers” the massive bond-buying programme it put in place at the start of the pandemic. It will in January begin cutting purchases by $30bn a month so that the stimulus is removed several months earlier than initially expected.
That would put the Fed on track to stop adding to the size of its balance sheet by the end of March and give it leeway to raise rates soon thereafter.
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