‘When Doves Cry’: Federal Reserve Goes to the Hawks

The Federal Reserve building is seen before the Federal Reserve board is expected to signal plans to raise interest rates in March, in Washington, on Jan. 26, 2022. Joshua Roberts/Reuters

The Federal Reserve is striking a more hawkish tone one week after the Federal Open Market Committee (FOMC) raised interest rates by 25 basis points for the first time since 2018.

If the economic data support a half-percentage-point increase to interest rates, New York Fed Bank President John Williams said he would endorse the hike. But he refrained from talking too much about the next two-day FOMC policy meeting in May, noting that it’s only March.