The Fed Charts an Aggressive Path

“Federal Reserve officials have coalesced around a plan to raise interest rates by three quarters of a point next month as policymakers grow alarmed by the staying power of rapid price increases — and increasingly worried that inflation is now feeding on itself,” the New York Times reports.

“Such concerns could also prompt the Fed to raise rates at least slightly higher than previously forecast as officials face two huge choices at their coming meetings: when to slow rapid rate increases and when to stop them altogether.”

“Central bankers had expected to debate slowing down at their November meeting, but a rash of recent data suggesting that the labor market is still strong and that inflation is unrelenting has them poised to delay serious discussion of a smaller move for at least a month.”