Wednesday’s minutes were released by the Federal Open Market Committee from their December 14-15 meeting.

According to expectations, the Federal Reserve maintained its benchmark interest rates at near zero. However, officials also indicated that they foresee up to three quarter-percentage-point increases in 2022, as well as another three hikes in 2023 and two more than the year after that.

Additionally, the committee said it would accelerate its tapering of the monthly bond-buying programme. According to the revised plan, the program would end in March. After that, it would be free for the committee’s decision on whether or not to increase rates.

According to CME’s FedWatch Tool, the current pricing of fed funds futures markets indicates a 2:1 chance that the first increase will occur in March. The next rise would be in June or July and then a third in November or December, according to traders.

According to Fed officials, the Fed’s response was due to higher inflation than anticipated. Prices for consumers are increasing at an unprecedented rate in the past 40 years.

The Fed’s $8.8 trillion debt was also discussed by policymakers, who have more than doubled its balance sheet since the start of the Covid pandemic.

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