Fed signals first US rate hike since pandemic coming in March

Federal Reserve Chair Jerome Powell on Wednesday gave a clear signal the central bank is ready to raise US interest rates in March for the first time since cutting them to zero when Covid-19 broke out.

That would end the era of easy money that fuelled Wall Street’s record-setting run during the pandemic.

In a press conference following the year’s first meeting of the Fed’s policy-setting committee, Powell underscored the central bank’s willingness to fight rampant inflation, even as he expects prices to subside this year.

“I would say the committee is of a mind to raise the federal funds rate at the March meeting, assuming that…