Federal Reserve sets stage for interest rate hikes

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Good morning, Daily Money readers. Jayme Deerwester back with you this Thursday. 

In an effort to rein in price increases that hit a 39-year high last month, the Federal Reserve on Wednesday agreed to clear the way for earlier and faster interest rate increases in 2022 by accelerating the phaseout of its bond-buying stimulus. It’s now forecasting three rate increases next year.

“We are prepared to use our tools to make sure high inflation doesn’t get entrenched,” Fed Chair Jerome Powell said in a video news conference. “This is a strong economy, one in which it’s appropriate for interest rate hikes.” 

💡 INSIGHT OF THE DAY:  Let’s face it, getting kids the latest gaming console, smartphone, or laptop for Christmas is arguably the most popular choice. But for those who may consider the option of giving stock to kids this holiday season, two experts believe that it’s potentially the best value in the long run. 

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