The December FOMC meeting saw yet another major change in the Federal Reserve’s thinking with the announcement of an early end to quantitative easing in March and the dot plot of individual member forecasts signalling three rate hikes in both 2022 and 2023. This marks the latest in a series of shifts in Fed thinking: • Last March, officials were still saying that a hike wouldn't come before 2024 • In June, they brought this forward to 2023 • In September, they had the first hike pencilled in for 2022 (but just one). The inflation and labour market supply constraints that many analysts had been warning of caught the ... (full story)