nic robertson, thanks so much. so a booming economy and rising inflation has the fed moving up its timeline for an interest rate hike. the central bank now expects to raise interest rates in 2023. now, it previously predicted keeping rates near rock bottom near zero for two years. this is a shift in its outline. jerome powell downplayed the update saying any interest rate hike is still far off. liftoff is well into the future, the conditions for liftoff are very far from maximum employment, for example. it s a consideration for the future. prices are higher for most things americans buy, but powell blames supply chain woes a normal by-product of the economic rebound and says that will correct over time. the prices that are driving that higher inflation are from category being directly affected by the recovery, from the pandemic and the reopening of the economy. he cited lumber surprise
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