The Federal Reserve will wrap up its pandemic-era stimulus program faster and expects to raise interest rates more in 2022 than projected in September.
The central bank, which first announced in November that it was"tapering" its monthly asset purchases, said Wednesday that it will do so at a faster pace.Starting in January, the Fed will buy $20 billion worth of Treasury securities less and $10 billion worth of mortgage-backed securities less. That leaves the monthly shopping list at $40 billion for Treasury securities and $20 billion for mortgage-backed securities.
"The Committee judges that similar reductions in the pace of net asset purchases will likely be appropriate each month, but it is prepared to adjust the pace of purchases if warranted by changes in the economic outlook," Wednesday's statement read.Read MoreThe December policy meeting also included a summary of economic projections, the so-called"dot plot."Fed officials now predict the central bank's benchmark interest rate to rise to 0.9% in 2022, up from the 0.
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