The Federal Open Market Committee said at the conclusion of its two-day policy-setting meeting last week that it would double the reduction of its asset-purchase program to $30 billion a month, a timeline that could phase out the purchases entirely by March rather than the original June trajectory laid out last month.

FILE – Federal Reserve Chairman Jerome Powell, right, testifies before the Senate Banking Committee on Capitol Hill.  (AP / AP Newsroom)

Although policymakers voted to hold rates near zero, where they have sat since March 2020, new economic projections show that every Fed official has penciled in at least one rate hike next year – a considerable shift from September, when half of the central bankers believed interest rate increases were not warranted until at least 2023.

Officials now project rates to stand at 0.9% at the end of 2022, 1.6% at the end of 2023 and 2.1% at the end of 2024.