Fed Vice Chair Clarida anticipates rate hikes starting in 2023


Richard Clarida

Scott Mlyn | CNBC

Federal Reserve Vice Chairman Richard Clarida said Wednesday the central bank is likely to hit its economic targets by the end of next year and start raising interest rates again in 2023.

While he said the jobs market still has to recover, Clarida noted that inflation is tracking to meet and exceed the Fed’s 2% goal. That sets the stage for the Fed to hit the “substantial further progress” benchmark it has set before it will start tightening policy.

“Given this outlook and so long as inflation expectations remain well anchored at the 2% longer-run goal … commencing policy normalization in 2023 would, under these conditions, be entirely consistent with our…


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