US Fed holds rates at zero, projects two hikes by the end of 2023

Federal Reserve officials held interest rates near zero but signaled they expect two increases by the end of 2023, pulling forward the date of liftoff as the economy recovers.

“Progress on vaccinations has reduced the spread of Covid-19 in the United States,” the Federal Open Market Committee said in a statement released Wednesday following the conclusion of its two-day policy meeting. “Amid this progress and strong policy support, indicators of economic activity and employment have strengthened.”
 

The central bank held the target range for its benchmark policy rate unchanged at zero to 0.25% -- where it’s been since March 2020 --