Fed will aggressively dial back its bond buying, sees three rate hikes next year

The Federal Reserve provided multiple indications Wednesday that its run of ultra-easy policy since the beginning of the Covid pandemic is coming to a close, making aggressive policy moves in response to rising inflation.

For one, the central bank said it will accelerate the reduction of its monthly bond purchases.

After that wraps up, in late winter or early spring, the central bank expects to start raising interest rates, which were held steady at this week’s meeting.

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