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The Marriner S. Eccles Federal Reserve building in Washington, D.C., U.S., on Monday, July 26, 2021. Senators negotiating a $579 billion infrastructure package are aiming to finish negotiations early this week, under pressure from colleagues to salvage an August recess and to allow the Senate to turn to preventing a government shutdown and debt ceiling default in the fall.

Federal Reserve officials laid out a long-awaited plan to shrink their balance sheet by more than $1 trillion a year while raising interest rates “expeditiously” to counter the hottest inflation in four decades.

The roadmap for reducing the assets they bought during the pandemic was spelled out on Wednesday in minutes of their March meeting, when officials raised rates by a quarter point. They debated going bigger but chose caution in light of the uncertainty caused by Russia’s invasion of Ukraine, the record of their discussion shows.

In addition, “many” who attended the March 15 and 16 Federal Open Market Committee (FOMC) meeting viewed one or more half-point increases as possibly appropriate going forward if price pressures fail to moderate.

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