Fed's Clarida says central bank could start hiking rates in 2023

Federal Reserve Vice Chairman Richard Clarida said in a speech Wednesday that the central bank is likely to hit its economic targets by the end of next year and start raising interest rates again in 2023. While he said the jobs market still has to recover, Clarida noted that inflation is tracking to meet and exceed the Fed’s 2% goal. That sets the stage for the Fed to hit the “substantial further progress” benchmark it has set before it will start tightening policy.