Wednesday, January 19, 2022

The Fed may need to raise rates faster, reducing the balance quickly

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WASHINGTON, Jan. 5 () – Federal Reserve officials said last month that the U.S. labor market is “too tight” and that the U.S. central bank may not only raise interest rates faster than expected, but may need to reduce its total assets to soften high inflation. , according to their minutes of the December 14-15 political meeting.

“Participants noted that … the federal funds rate can be guaranteed to increase faster or faster than participants expect. “It is possible,” the statement said.

Protocols released on Wednesday detailed the Fed’s shift to a more ruthless monetary policy last month. Politicians have agreed to speed up the end of the pandemic bond-buying program and have announced forecasts that they expect the rate to triple by a quarter of a percent by 2022.

In the protocols, the Fed not only discussed the initial increase in the rate, but also whether to use second-hand to curb inflation, allowing a decline in ownership of U.S. treasury bonds and mortgages. showed.

The meeting in December came as the incidence of coronavirus infections began to rise due to the spread of the Omicron variant.

Since then, infections have spread and there is no explanation as to whether a change in the health of senior Fed officials has changed their views on appropriate monetary policy.

Fed Chairman Jerome Powell will appear before the Senate Banking Committee next week to hear his candidacy for a second four-year term as central bank governor, at which point he could update his views on the economy. (Report by Howard Schneider, edited by Paul Simao)

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