The Federal Reserve is one year down its rate-hiking path, and in some ways it’s both closer and further away from its goals when it first set sail.
Exactly one year ago, on March 16, 2022, the Federal Open Market Committee enacted the first of what would be eight interest rate increases. The goal: to arrest a stubborn inflation wave that central bank officials spent the better part of a year dismissing as “transitory.”
In the year since, inflation as measured by the consumer price index has come down some, from an 8.5% annual rate then to 6% now and trending lower. While that’s progress, it still leaves the Fed well short of its 2% goal.
And it raises questions about what’s ahead and what the ramifications will be as policymakers continue to grapple with a persistently high cost of living and a shocking banking crisis.
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