Fed hints at raising interest rates in 2023 By Reuters

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© Reuters. The US Federal Reserve building in Washington on December 16, 2020. Photo: Brendan McDermid/Reuters

WASHINGTON (Reuters) – The Federal Reserve on Wednesday moved the expected date for a post-pandemic interest rate hike to 2023, citing an improved health situation.

The Federal Reserve stressed its pledge to wait for “more significant progress” before starting to switch to policies less linked to the pandemic and to wait more until the economy is fully opened.

The new tone does not mean an imminent change in policy, as the Federal Reserve today kept its main short-term interest near zero and said that it will continue to buy $120 billion in bonds each month to support the economic recovery.

The median forecast by policymakers now is that the first rate hike will come in 2023 rather than 2024.

(Prepared by Mahmoud Salama for the Arab Newsletter)

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