Fed triggers lift-off with 25bp hike
FOMC cuts economic growth projections for 2022 but proceeds with tightening
The Federal Open Market Committee (FOMC) voted to raise interest rates by 25 basis points today (March 16), its first hike since 2018.
“The risk of a recession in the next year isn’t particularly elevated,” chair Jerome Powell told journalists. “All signs are that this is a strong economy, one that will be able to flourish in the face of tighter monetary policy.”
Even so, the FOMC cut its projections for US economic growth. In December, the committee projected 4% growth in 2022. In March, they
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