Federal Reserve officials continued to project near-zero interest rates at least through 2023 despite upgrading their US economic outlook and the mounting inflation worries in financial markets.

The decision, which came on a volatile day for investors with Treasury yields surging ahead of the announcement, masked a growing number of officials who saw liftoff before then, though Chair Jerome Powell stressed this was a minority view.

“The strong bulk of the committee is not showing a rate increase during this forecast period,” Powell told a virtual press conference on Wednesday, March 17, following the decision, adding that the time to talk about reducing the central bank’s asset purchases was “not yet.”

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