Janet Yellen’s final FOMC meeting will pass with little fanfare, but the language of the accompanying policy statement looks set to strike a more hawkish tone. That would leave the Fed on course to raise rates at Jerome Powell’s first meeting as Chair in March. Meanwhile, there is likely to be discussion about shifting away from the formal 2% inflation target. Powell will seek to stamp his mark on the Fed over the coming years, perhaps with a switch to targeting a broader range for inflation.
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