But rising prices at supermarkets, car lots and gas stations are raising concerns that consumers will pare back spending to limit the pressure on their budgets.
The Fed has kept downward pressure on longer-term interest rates by buying trillions of dollars worth of government and corporate bonds, but those emergency purchases are scheduled to end in March.
Still, the digital currency is far below the high of more than $68,000 it hit in November.
They argue that numerous rate hikes would risk causing a recession and wouldn’t slow inflation in any case.
When the Fed boosts its short-term rate, it tends to make borrowing more expensive for consumers and businesses, slowing the economy with the intent of reducing inflation.
The Fed’s benchmark short-term interest rate is currently in a range of 0% to 0.25%.
Wall Street anticipates the first increase in interest rates in March.
On Tuesday, American Express, Johnson & Johnson, and Microsoft report results.