The US Federal Reserve will begin raising interest rates in March. It's a departure from pandemic-era polices that have been in place since March, 2020, pegging the benchmark rate to zero. Fed Chairman Jerome Powell says the move is designed to temper economic growth. Americans have seen decades-high inflation rates lately, eating into wage gains and household budgets. The Fed Chairman added that he thinks there is quite a bit of room to raise rates "without threatening the labor market."
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