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Inman Connect Policymakers at the Federal Reserve on Wednesday restated their commitment to keeping a lid on long-term interest rates, saying they’ll continue buying $80 billion in long-term Treasurys and $40 billion in mortgage-backed securities each month “until substantial further progress has been made” toward the Fed’s employment and price stability goals. But the Federal Open Market Committee’s “dot plot” now shows a growing consensus for boosting the short-term federal funds twice by the end of 2023. All but five of the committee’s 18 members anticipate at least one increase. Last year, the committee brought the federal funds rate the rate banks pay for overnight loans to 0 percent in an attempt to lessen the economic impacts of the pandemic. With increases typically implemented 25 basis points at a time, two rate increases would bring the federal funds rate back to 0.5 percent.

New yorkUnited statesWilliam cohanJerome powellMike fratantoniIan shepherdsonNew york timesPeterson foundationStrategic research groupMarket committeeMortgage bankers associationFannie maeFederal reserveFederal open market committeeMacroeconomics chief economist ian shepherdsonFederal reserve chairman jerome powell