, has signalled that two similar increases at its next two meetings are likely. Interest rates are suddenly moving sharply off the floor – but a key thing to note is the uncertainty about how far and how fast this process will go.
The sharp rise in inflation, driven by the bounce back from Covid, supply chain problems and now the war in Ukraine, has ushered in a period of significant uncertainty. Some say US interest rates will top out at 3 per cent next year – but a minority feel they may need to go much higher to drive down inflation. In turns, this will be a key pointer to interest rates worldwide. A lot hangs on which forecast is right.
IrishTimes Fed procrastinates, as Inflation burns our pockets.
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