Fed's Clarida: Benchmarks for rate hikes could be met by end of 2022
Federal Reserve Vice Chair Richard Clarida said on Monday that benchmarks for rate hikes could be met by the end of 2022 but added that the Fed is still "a ways away" from considering lift-off, as reported by Reuters.
Additional takeaways
"Policy path outlined in September dot plot would be consistent with Fed's framework if current inflation and jobs forecasts are met."
"Repeat of 2021 inflation next year would not be a policy success."
"Core PCE inflation measured since Feb. 2020, before the pandemic, through Sept. 2021 already averaging 2.8%."
"Expecting full return to pre-pandemic employment levels by end 2022, unemployment rate at 3.8% with participation rising."
Market reaction
The US Dollar Index showed no immediate reaction to these comments and was last seen trading flat on the day near 94.20.
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