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MNI BRIEF: Fed Determined To Keep Price Expectations Anchored

(MNI) Washington
USPolicyFederal ReserveCentral BankBriefStoryRegionNorth America

The Federal Reserve is "absolutely determined to keep inflation expectations anchored," and recent upward moves in the University of Michigan Survey and the Fed's Index of Common Inflation Expectations played a major role in its decision to raise interest rates by an unusually large 75 bps on Wednesday, Chair Jerome Powell said Wednesday.

Former Fed officials warned consumers are already building in higher inflation expectations, based on survey evidence. (See: MNI: Inflation Expectations Already Unmoored -Ex-Fed Officials)

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The Federal Reserve is "absolutely determined to keep inflation expectations anchored," and recent upward moves in the University of Michigan Survey and the Fed's Index of Common Inflation Expectations played a major role in its decision to raise interest rates by an unusually large 75 bps on Wednesday, Chair Jerome Powell said Wednesday.

Former Fed officials warned consumers are already building in higher inflation expectations, based on survey evidence. (See: MNI: Inflation Expectations Already Unmoored -Ex-Fed Officials)