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Fed signals March rate rise as it fights rampant inflation

Powell says policymakers look to implement first increase since 2018 at next meeting

Federal Reserve headquarters in Washington: Fed policymakers said they expected it will "soon" be appropriate to raise interest rates.   © Reuters

WASHINGTON (Financial Times) -- The Federal Reserve signaled its intention to raise interest rates in March, the first increase since 2018, underscoring the U.S. central bank's abrupt pivot to fighting rampant inflation as opposed to shielding the economy from the pandemic.

The Federal Open Market Committee on Wednesday noted the strong economic recovery and "solid" job gains in recent months, laying the groundwork to quickly tighten monetary policy in an attempt to damp demand.

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