Taper could begin later this year, with rate hike in early 2023

The Federal Reserve’s number two official said Wednesday that if the U.S. economic recovery progresses as he expects, the central bank could launch its first post-COVID 19 rate hike at the beginning of 2023.

Richard Clarida, the Fed’s vice chairman, said that “upside” risks to higher inflation and his expectation for a steady labor market recovery would signal an economy that could be ready for higher short-term interest rates in over a year.

Clarida said that he could support lifting…

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