Fed officials expect for rates to hold near zero through 2023

The Federal Reserve concluded its two-day Federal Open Market Committee meeting yesterday by assuring its easy-money policies will stay in place and reiterated that it will maintain them until the U.S. economy recovers from the effects of the COVID-19 pandemic. There won't be any expected rate hikes until 2023 and officials also highlighted an improved outlook for growth.

Fed forecasts Inflation Moving Up
The Fed sees core inflation hitting or exceeding its 2% target this year and next, but doesn't expect to raise rates despite that. Fed Chairman Jerome Powell has mentioned for a while that he'd be comfortable with inflation above 2% and is more focused on employment recovering fully from the pandemic. Their median forecast shows annual inflation accelerating to 2.4% in the fourth quarter of this year, up from their December projection of 1.8%, and remaining at or slightly above 2% through 2023.

Read more about the Fed meeting by clicking the following Wall Street Journal article:

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