Even dovish FOMC members are now supporting faster and larger rate hikes—likely including a half-point increase in May and a total of more than 2 percentage points in hikes before the end of 2022.

Fed chair Powell says digital dollar would have to simultaneously ensure privacy and offer identification for participants in a transaction.

Fed ramps up inflation fight in an economy that's tough enough to cope.

Fed Chair Powell told the House Financial Services Committee that he backs a quarter-point interest-rate hike this month, and he didn't rule out a larger move in the near future.

Fed and ECB strategy of moderation is fraught with risks. Still, one Fed president says, "abrupt and aggressive action can actually have a destabilizing effect on growth and price stability. The most important thing is to be measured at our pace."

Minutes from the January FOMC meeting tell us rates will increase soon, and the Fed may tighten its balance sheet faster than previously expected.

But Chairman Powell backs a March liftoff on interest rate hikes and won't rule out an increase at every meeting.

The Federal Reserve may act quickly on interest rates to keep a handle on inflation.