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The Federal Reserve kept interest rates unchanged but did signal higher inflation and a possibility of two rate hikes as soon as 2023.
Fed Chair Jerome Powell clarified the central bank rate announcement in a press conference, drawing parallels between inflation and the surge in lumber prices, which are now settling down.
Powell also advised taking the Fed’s dot plot with a “big grain of salt,” adding that it is not a plan.
“We did not have a discussion whether a lift-off is appropriate at any particular year. It is too early to talk about that,” Powell stated. “The dot plot is not a great forecaster of future rate moves.”
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