FOMC Sees Ongoing Rate Hikes as 'Appropriate': Powell

The transcript discusses the Federal Reserve's response to global economic uncertainties, particularly due to Russia's invasion of Ukraine. It highlights the Fed's commitment to achieving maximum employment and price stability. The FOMC raised the policy interest rate by 0.25% and plans to reduce the balance sheet. Economic growth projections are provided, with a focus on the labor market and inflation trends. The Fed acknowledges the challenges posed by supply constraints and energy prices, emphasizing the need for nimble policy adjustments to maintain economic stability.

How does the text describe the impact of the Omicron variant on economic activity?

What factors are contributing to the current inflation levels as described in the text?

What is the Federal Reserve's long-term goal regarding inflation and employment?