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Briefs: Powell declares inflation big threat as Fed signals rate hike

The Edge Singapore
The Edge Singapore12/17/2021 12:2 AM GMT+08  • 7 min read
Briefs: Powell declares inflation big threat as Fed signals rate hike
On Dec 15, Fed Chair Jerome Powell signalled that inflation is now enemy number one to keeping the economic expansion on track.
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Quoteworthy: "Until we started taking market share from them in a meaningful way, they didn’t react." –— Tesla CEO Elon Musk, referring to the earlier naysayers that include other car makers

On Dec 15, Federal Reserve (Fed) Chair Jerome Powell signalled that inflation is now enemy number one to keeping the economic expansion on track and returning the labour market to something approaching ebullient pre-pandemic levels.

In an abrupt policy pivot, the Fed sped up the drawdown of its asset-purchase program and laid out a road map for a series of interest-rate increases over coming years, starting with three hikes in 2022. Powell also raised the possibility that the US central bank might begin to withdraw liquidity from the financial system before too long by reducing its massive balance sheet.

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