Federal Reserve: No interest rate hikes until end-2023

Further, the central bank said it would not tighten policy until inflation has been "moderately above" above 2% "for some time", as it looked to put in place its new inflation-targeting framework recently outlined by chair Jerome Powell at the Jackson Hole symposium. Powell said the statement meant "rates will remain highly accommodative until the economy is far along in its recovery" from the Covid-19 pandemic. The chair added the new inflation framework was "all about credibility, and we understand perfectly that we have to earn credibility". "This framework, we have to support it w...