The market currently expect rates to increase 0.25-percentage-points at each of these upcoming three meetings, and the Fed may then hold rates steady for the second half of the year. In December, the committee's median expectation for inflation, as gauged by its core preferred personal consumption expenditures price index, pointed to inflation in 2022 running at 2.7%. At its March meeting, the Fed approved a 25 basis point move, but officials in recent days have said they see a need to move more quickly with consumer inflation running at an annual pace of 8.5%. 2023 FOMC Meetings Jan/Feb 31-1 Statement: PDF | HTML Implementation Note Press Conference Statement on Longer-Run Goals and Monetary Policy Strategy Minutes: PDF | HTML (Released February 22, 2023) March 21-22* May 2-3 June 13-14* Bloomberg Chief Washington Correspondent Joe Mathieu delivers insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. Even before the stresses in the banking industry in March, banks were already beginning to tighten their credit standards, Mester said Thursday in an interview with Yahoo! Over the past few weeks, officials have spoken largely in unison about the need to keep up the inflation fight, while also indicating they can pull back on the level of rate hikes. Federal Reserve Bank of Cleveland President Loretta Mester said policymakers will gauge the impact of banks tightening their lending standards when they meet next month to discuss the peak rate. ( Reuters: Jason Reed ) Yes, rates are on hold but there's plenty of pain to come Copyright 2023 Market Realist. Majority of Fed favors slowing pace of tightening soon, Interest rates are surging here's how to protect your money, Reflecting statements that multiple officials have made, consumer price index in October was up 7.7%, The Fed has been the target lately of some criticism. * Meeting associated with a Summary of Economic Projections and a press conference by the Chair. When Is the Next Fed Meeting on Interest Rates in 2022? The Motley Fool has a disclosure policy. Get this delivered to your inbox, and more info about our products and services. WebFed officials have already indicated that they are likely to raise their benchmark federal-funds rate by 0.75 percentage point this week to a range between 3.75% and 4%. "Inflation data lately has been showing some encouraging signs while remaining well above the central bank's 2% official target.The consumer price index in October was up 7.7% from a year ago, the lowest reading since January. What You Didnt Know: How Sudans Civil War Matters To M&Ms, Coke, Januarys data suggests that the rate of decline could be slowing. Federal Reserve officials are on track to raise interest rates a quarter percentage point next month and signal a potential pause from the steepest hiking campaign in decades. Jerome Powell, chairman of the US Federal Reserve, speaks during a news conference following a [+] Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, Feb. 1, 2023. 2022, 2023 and 2024 figures are based on the median of economists forecasts for the balance sheet in December of each year.