The Federal Reserve is further tightening up its pandemic-era policy to combat inflation, with as many as three rate hikes in 2022.
earlier than expected, according to a statement released at the conclusion of the central bank's latest policymaking meeting on Wednesday.
The purchases were part of a strategy to stabilize the financial system when it was feared that global shutdowns resulting from Covid-19 could trigger an economic collapse. The new pace means the program will conclude in March rather than in June. “I think it’s the impact on the broader population that’s really the Fed’s challenge,” said Stephen Lee, principal of Logan Capital Management.
In response to questions about the time frame between the end of the taper and the initiation of rate increases, he said it was not a topic on which policymakers have focused yet. “A lot of the inflationary pressures are on the supply side of the equation, which the Fed can’t do much about,” he said.
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