Fed triggers lift-off with 25bp hike

FOMC cuts economic growth projections for 2022 but proceeds with tightening

Jerome Powell
Jerome Powell
Photo: US Federal Reserve/Flickr

The Federal Open Market Committee (FOMC) voted to raise interest rates by 25 basis points today (March 16), its first hike since 2018.

“The risk of a recession in the next year isn’t particularly elevated,” chair Jerome Powell told journalists. “All signs are that this is a strong economy, one that will be able to flourish in the face of tighter monetary policy.”

Even so, the FOMC cut its projections for US economic growth. In December, the committee projected 4% growth in 2022. In March, they

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.