Fed signals it will reduce bond-buying stimulus by year-end, forecasts first rate hike next year amid higher inflation, slower growth

From usatoday.com

The Federal Reserve is wrestling with how to continue getting Americans back to work after the historic COVID-19-induced downturn while guarding against a persistent surge in inflation. It’s a delicate balance. Citing an outlook for faster inflation but slower economic growth than it previously forecast, the Federal Reserve on Wednesday signaled plans to begin tapering its bond buying stimulus by year’s end and raise interest rates in 2022, a year earlier than it had anticipated. In a statement after a two-day meeting, the Fed said, “If progress continues broadly as expected (toward the Fed’s employment and ... (full story)