Downshifting to a smaller move from the more aggressive rate increases the Fed rolled out last year would give officials more time to see how their actions are affecting the economy, Collins said.

The JPMorgan Chase CEO said the Federal Reserve's rate hikes might need to go beyond what's currently expected, but he's in favor of a pause to see the full impact of last year's increases.

Esther George, the president of the Federal Reserve Bank of Kansas City, is retiring later this month. What's taking the bank so long to find a successor?

Investors will be greeted Monday with a new-issue calendar estimated at $4.303 billion.

Federal Reserve Bank of Kansas City President Esther George said the U.S. central bank should raise its benchmark interest rate above 5% and hold it there well into 2024 to bring inflation down.

"It will be appropriate to continue to raise rates at least at the next few meetings until we are confident inflation has peaked," Kashkari said.

"Bond investors bid a not-so-fond farewell to 2022 as they look forward to a much more attractive 2023," said Bryce Doty of Sit Investment Associates.

After a slow start, the Federal Reserve got its efforts to combat runaway inflation up to speed quickly, implementing tightening monetary policy at the fastest rate seen in decades. Here's a hike by hike breakdown.

Some analysts see the Federal Reserve cutting rates in late 2023, but others expect no rate cuts before 2024.

The legislation, co-sponsored by six other Republicans, would apply federal lobbying and vacancy rules to regional Federal Reserve banks and close seven of the 12 existing banks.

It is not clear whether FOMC members truly believe their higher inflation and interest rate forecasts, or if they are being overly hawkish to prevent further market exuberance.

Many believe the Federal Reserve will slow down rate increases beginning in December.. Steve Friedman, senior macroeconomist at MacKay Shields, will join us the day after the meeting to discuss what was done and what he expects in the future.

The high-profile members of the Senate Banking Committee have joined forces on legislation that would subject the Federal Reserve's 12 regional banks to the Freedom of Information Act and other disclosure mandates.

"Munis are poised to continue this rally into December as we can end 2022 on a high note and close out the worst-performing year on record for munis," said Jason Wong, vice president of municipals at AmeriVet Securities.

Investors will be greeted Monday with a new-issue calendar estimated at $5.893 billion.

The industry's biggest lobbying group also said it sees continued threats from regulation.

The Federal Reserve Bank of Chicago appointed Austan Goolsbee, an economist and former adviser to President Barack Obama, as its new president to replace Charles Evans, who retires in January.

Powell said smaller interest rate increases are likely ahead — and could start as early as next month.

The Federal Reserve will slow the pace of interest-rate increases next month, Federal Reserve Chair Jerome Powel suggested Wednesday, while stressing borrowing costs will need to keep rising.

Some projects that were budgeted and started at the beginning of the inflation spiral are now in jeopardy.