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The number of Americans filing new claims for unemployment benefits increased moderately last week, keeping the trend at levels consistent with tightening labour market conditions.
In an abrupt shift, the Fed sped up the drawdown of its asset-purchase program and laid out a plan for a series of interest-rate increases over the coming years.
The tightening labor market and strengthening economy encouraged the Federal Reserve on Wednesday to announce that it would end its pandemic-era bond purchases in March and pave the way for three quarter-percentage-point interest rate increases by the end of 2022. Fed Chair Jerome Powell said the economy was "making rapid progress toward maximum employment."
The tightening labor market and strengthening economy encouraged the Federal Reserve on Wednesday to announce that it would end its pandemic-era bond purchases in March and pave the way for three quarter-percentage-point interest rate increases by the end of 2022. Fed Chair Jerome Powell said the economy was "making rapid progress toward maximum employment."
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