The Morning Dispatch: Federal Reserve Moves to Quell Inflation

Happy Thursday! Exactly 248 years ago tonight, a group of American colonists snuck onto some British ships and dumped nearly 350 barrels of tea into the Boston Harbor.

Damn Sons of Liberty and their lack of respect for private property.

Quick Hits: Today’s Top Stories

  • In an effort to rein in inflation, the Federal Reserve on Wednesday signaled it expects to raise interest rates three times in 2022 and announced it will accelerate its tapering of monthly asset purchases. “We are phasing out our purchases more rapidly because with elevated inflation pressures and a rapidly strengthening labor market, the economy no longer needs increasing amounts of policy support,” Federal Reserve Chair Jerome Powell said.

  • The chances of the Senate passing the Build Back Better Act by Christmas continue to dwindle as Democratic Sen. Joe Manchin remains steadfast in his opposition to certain portions of the legislation as currently constructed. President Biden said yesterday he “hopes” to sign the legislation into law by the end of the year, but later suggested congressional Democrats could pivot to focus on federal voting legislation in the near term. Democratic Sen. Kyrsten Sinema, however, reiterated Wednesday she does not support doing away with the legislative filibuster to pass elections reform, meaning any voting legislation would require the support of 10 Republican senators.

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