As recently as March, the Fed wasn’t expected to raise rates until 2024. Now, economists are predicting three rate hikes in 2022 alone.
Data released last week found that, and the Department of Labor reported Tuesday that wholesale prices jumped at a record rate of 9.6 percent from a year ago.
Federal Reserve Chairman Jerome Powell speaks during a Senate Banking Committee hearing on Capitol Hill, Nov. 30, 2021.“I’m expecting a substantially more hawkish tone heading into Wednesday,” said David Wagner, portfolio manager and analyst at Aptus Capital Advisors. “Inflation is real right now.” “This is just a reaction from the Fed as they’ve seen this trade off between growth and inflation worsen. They’re forced into difficult decisions,” said James McCann, deputy chief economist at Abrdn, because of the unique distortions the pandemic has imposed on the economy.
Dysfunction in D.C. also doesn’t help. “You’ve got policy uncertainty as well as Covid uncertainty. It really makes the Fed’s job a little more challenging,” Lee said, pointing to the ongoing wrangling in Washington.
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