Then, later that month, data indicated inflation was  -7accelerating, so the Committee hastened the pace of tapering at the December meeting, making a plan to wind down purchases by early March.
Between December and March of this year inflation data came in very elevated, and at that point there was no question that inflation had been above 2 percent for “some time.” Given continued improvement in the labor market and the high inflation readings, the Committee began raising interest rates in March, as soon as asset purchases were completed.