Some economists now forecast as many as six or seven quarter-point hikes this year
January's year-over-year increase represented a 40-year high
The central bank also said it would phase out its monthly bond purchases in March
Some economists have expressed concern that the Fed is already moving too late to combat high inflation
Banks or payment firms would create accounts or digital wallets, the report said
If approved by the United States Senate, Michigan State prof Lisa Cook would be the first Black woman to serve on the Federal Reserve Board of Governors
Core prices jumped 5.5% year over year in the United States, the highest such increase since 1991, driven in part by mismatches between demand and supply
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