The Fed chair said Tuesday that inflation poses a major threat to the job market
Wages also rose sharply in December, with average hourly pay jumping 4.7%
December minutes show policymakers suggested they could hike three times this year
The accelerated timetable puts the Fed on a path to start raising rates in the first half of next year
Fed officials are expected to forecast two or three rate hikes next year at tomorrow's meeting
The U.S. economy still remains under threat from a spike in inflation, shortages of labour and supplies
Powell also elevated inflation-fighting as a more urgent priority than supporting job growth
For now, omicron hasn't much affected the Fed's economic outlook
Efforts to contain inflation will constitute the stiffest test
The inflation spike is affecting consumers, the Biden administration and central banks