Due to the failing Job Market and runaway inflation, the FED is thinking of raising interest rates sooner than expected in ’22.
• The Fed believes that prices for everyday items will continue to rise well into 2022 along with supply chain bottlenecks
• They believe that Omicron ravaging the nation will worsen the runaway inflation Americans are already facing.
• The FED says it may become warranted to increase the federal funds rate sooner or at a faster pace than participants had earlier anticipated.
• The FED said it would most likely raise rates in March of 2022.
• Along with Inflation concerns, the FED is also concerned about the Job market as over 3 Million have quit their jobs in October and November.
• Fed Chair Jerome Powell will address the Senate Banking Committee next week, where he will address the state of the economy and answer questions on Inflation, rates, and the Fed’s balance sheet.