Fed Official Says Rate Hikes Could Begin In —— 2023???

(Washington, DC) — The Vice Chairman of the Federal Reserve says it’s likely they will start raising interest rates in 2023. Richard Clarida said the central bank expects to hit its economic targets by the end of next year. However, he did not say when the Fed might slow its monthly asset purchases that have kept the economy afloat during the pandemic. The central bank has been spending 120-billion dollars a month in Treasury securities and mortgage-backed bonds to pump money into the system.