So, the Fed is (almost) definitely raising rates this year

The Fed has dropped “patient” from its statement.

In other words, it’s signaling to the world that it won’t force itself to wait before it begins hiking interest rates.

In its latest monetary policy statement released on Wednesday, the Fed said:

Consistent with its previous statement, the Committee judges that an increase in the target range for the federal funds rate remains unlikely at the April FOMC meeting. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labour market and is reasonably confident that inflation will move back to its 2 per cent objective over the medium term. This change in the forward guidance does not indicate that the Committee has decided on the timing of the initial increase in the target range.

So, not next time, but soon.

Along with its latest statement, the Fed also released its latest Summary of Economic Projections, which shows that 15 of the Federal Open Market Committee’s 17 members see the Fed raising rates this year.

Here’s the chart. And now we wait.

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