High inflation and a strong labor market has convinced Federal Reserve officials of the need to raise interest rates “soon,” though an exact timetable has not yet been disclosed.

“With inflation well above 2% and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate,” the Federal Open Markets Committee said in a statement on Wednesday.  

The FOMC decided on Wednesday to keep the target range for the federal funds rate at 0 to 0.25%, but will likely take action on rates in early March.

Policymakers at the details ⇒

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