The Federal Reserve is set to abruptly change its monetary policy now that inflation has reached the highest levels in nearly four decades , shooting up to 6.8% in November.
Beginning Tuesday, Fed officials will meet to discuss ending the COVID-19 pandemic policy of keeping short-term interest rates near zero. During this two-day meeting, economists expect that the Fed will announce steps to begin “tapering” — slowing down the monthly purchases of government-backed debt, called bonds. When the Fed buys bonds, it injects more money into the economy, which increases the money supply and pushes prices higher and interest rates […]
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