What the Fed decision means for your wallet — and your credit card bill
All eyes were on Federal Reserve Chairman Jerome Powell as the market digested the news Wednesday on what the central bank will do to keep the economy rebounding from the pandemic while countering the hot inflation that has consumers’ wallets sizzling.
Market observers were betting the Fed will conclude its bond buying — a move to help the economy in the pandemic’s earlier phases — quicker than expected and chart a course for more interest rate hikes.
The Fed said Wednesday afternoon it would reduce its bond purchases to $30 billion a month so it could end the program in March, instead of June. The Fed penciled in three rate hikes in 2022, instead of one hike.
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