‘The Fed got the memo.’ Here’s what you can do to prepare for the coming rate hike
The Federal Reserve laid the groundwork for interest rate hikes Wednesday.
At the conclusion of its two-day meeting, the central bank said it will aggressively unwind last year’s bond buying after a variety of inflation reports reached their highest levels in decades.
Although interest rates will stay near zero for now, Fed officials set the stage for the first of multiple rate hikes starting as soon as March as they look to contain soaring inflation.
“With inflation well above 2 percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate,” the central bank said in a statement.
“The Fed got the memo,” said Greg McBride, chief financial analyst at Bankrate.com.