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• The Fed now believes inflation will top 5% in 2022, but fall rapidly after that
  The Federal Reserve on Wednesday predicted U.S. inflation would exceed 5% by the end of 2022 — much...
  The Federal Reserve on Wednesday predicted U.S. inflation would exceed 5% by the end of 2022 — much higher than its most recent forecasts — and underscoring its more aggressive strategy in raising interest rates.
  
  The central bank lifted its benchmark short-term rate by 75 basis points to a range of 1.5% to 1.75%, marking the biggest increase in 28 years.
  

  
  
  The Fed also plans to raise the rate to as high as 3.8% by 2023, according to its latest “dot plot.” After that, rates are forecast to decline.
  
  The bank’s more hawkish approach after several years of heavily stimulating the economy comes in the wake of another poor reading on inflation. The consumer price index jumped 1% in May to push the increase over the past year to a 40-year high of 8.6%.
  
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• The Fed raises interest rates three-quarters of a point in bid to stem inflation
  The Federal Reserve on Wednesday demonstrated it wanted to be aggressive in its fight against inflation,...
  The Federal Reserve on Wednesday demonstrated it wanted to be aggressive in its fight against inflation, approving its largest rate hike in almost three decades and signaling that its benchmark rate will rise close to 4% by the end of next year.
  
  At the central bank’s meeting that ended Wednesday, officials said they would hike the federal-funds target rate by three-quarters of a percentage point to between 1.5% and 1.75%.
  

  
  
  In its “dot-plot forecast,” the Fed said it planned to raise its benchmark interest rate to a mid-range of 3.4% by the end of this year and to 3.8% by the end of 2023. Fed officials anticipate being able to cut rates slightly in 2024.
  
  There was only one dissent. Kansas City Fed President Esther George preferred a half-point hike.
  
  
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• What Else is Brewing
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  • WNBA star Brittney Griner’s detention in Russia was extended for another 2.5 weeks.
  
  
  • Leading tampon manufacturers in the US said they’re ramping up production to make up for shortages.
  
  
  • Layoffs hit real estate: Compass and Redfin said they were cutting 10% and 8% of their workforces, respectively.
  
  
  • Mortgage rates spiked to 6.28% yesterday, up from 5.55% a week ago.
  
  
  • Serena Williams will make her return to tennis at Wimbledon after a one-year absence from playing any matches. Elsewhere in the tennis world, the US Open said it’s allowing players from Russia and Belarus to compete in the tournament this fall; Wimbledon has banned them.
  
  

  
  
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• $6.4B LNG terminal proposed in Pa.
  Penn LNG has targeted a 60-acre waterfront site in Chester, Pa., to build a proposed $6.4 billion export...
  Penn LNG has targeted a 60-acre waterfront site in Chester, Pa., to build a proposed $6.4 billion export terminal for liquefied natural gas amid rising global demand. The project is supported by local officials and labor leaders but has drawn objections from environmentalists and community advocates citing climate change and safety concerns.
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• Hydrogen could be the future of natural gas pipelines
  Energy executives at the Reuters Global Energy Transition conference envision a new role for existing...
  Energy executives at the Reuters Global Energy Transition conference envision a new role for existing natural gas pipelines in the clean energy future as conduits for hydrogen and renewable natural gas. For example, Southern California Gas, the US' largest gas utility, wants to produce hydrogen using excess renewable power and transport it via existing gas pipes as well as its proposed Angeles Link green hydrogen pipeline.
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