Officials want to raise rates in order to curb inflation without hindering the economic recovery we have seen. The US is in its ninth year of recovery, one of the longest stretches of growth in American history.
“If the economy evolves as I anticipate, I believe further increases in interest rates will be appropriate this year and next year, at a pace similar to last year’s,” said Loretta Mester, president of the Federal Reserve Bank of Cleveland.
In January, Fed officials re-committed to their plans to slowly raise rates and keep inflation numbers to under two percent. All signs point to the Fed raising Interest rates during their March meeting.
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