FOMC signals rates likely to stay on hold until 2023

Jerome Powell
Jerome Powell
Photo: US Federal Reserve

The Federal Open Markets Committee signalled it is unlikely to raise its policy rate until after 2023, in the first decision made within its new policy framework.

The FOMC said that as US inflation has been running “persistently” below the 2% target, it will aim to push it “moderately above” 2% for “some time”.

On August 27, Fed chairman Jay Powell announced that it was shifting to an average inflation targeting regime. Under this regime, the FOMC now aims to match any prolonged undershooting

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