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Good morning. A more hawkish Fed stance, more rate decisions and a worsening energy crisis. Here’s what’s moving markets.
Federal Reserve Chair Jerome Powell said the U.S. central bank could begin scaling back asset purchases in November and complete the process by mid-2022. Officials revealed a growing inclination to raise interest rates next year. Powell, explaining the U.S. central bank’s first steps toward withdrawing emergency pandemic support for the economy, told reporters Wednesday that tapering “could come as soon as the next meeting.” That would be on Nov. 2-3. The Fed also raised its 2022 inflation outlook to 2.2% from 2.1%.