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Federal Reserve expects one more rate hike this year

US Federal Reserve Board Building, Washington DC

Lance Nelson | Image Bank | Getty Images

The Federal Reserve will raise interest rates again in 2023 before the central bank ends its inflation battle, according to the median forecast released Wednesday.

The Federal Reserve has kept its “terminal rate”, the rate at which the benchmark federal funds rate peaks, unchanged at 5.1% from its last estimate in December.central bank on wednesday We have raised the benchmark interest rate by a quarter of a percentage point to a range of 4.75% to 5%.

The so-called dot plot used by the Federal Reserve (Fed) to show its rate hike prospects shows that a majority of officials, or 10 out of 18 members, expect only one more rate hike by the end of the year. This indicates that you do not anticipate that Seven of her Fed officials see rates higher than his 5.1% final rate.

The Federal Open Market Committee, which sets interest rates for 2024, has forecast interest rates to fall to 4.3%.

The Fed’s latest goals are:

The latest forecast comes amid widespread banking turmoil that took the market on a roller coaster in March. The Federal Reserve and other regulators have taken urgent steps to protect failing bank depositors, but concerns about a surge in deposits remain at some local banks.

Fed Chairman Jerome Powell said the markets were wrong when pricing in rate cuts later this year.

“Participants have not seen a rate cut this year, they just haven’t,” Powell said at a press conference on Wednesday.

Fed officials also updated their economic forecasts. His inflation forecast for 2023 was 3.3% and in December he was 3.1%. The unemployment rate he dropped to 4.5% and the GDP outlook he dropped to 0.4%.

Forecasts for the next two years are largely unchanged, except that the 2024 GDP forecast has fallen to 1.2% from 1.6% in December.

Stock picks and investment trends from CNBC Pro:

Summarize this content to 100 words US Federal Reserve Board Building, Washington DCLance Nelson | Image Bank | Getty ImagesThe Federal Reserve will raise interest rates again in 2023 before the central bank ends its inflation battle, according to the median forecast released Wednesday.The Federal Reserve has kept its “terminal rate”, the rate at which the benchmark federal funds rate peaks, unchanged at 5.1% from its last estimate in December.central bank on wednesday We have raised the benchmark interest rate by a quarter of a percentage point to a range of 4.75% to 5%. The so-called dot plot used by the Federal Reserve (Fed) to show its rate hike prospects shows that a majority of officials, or 10 out of 18 members, expect only one more rate hike by the end of the year. This indicates that you do not anticipate that Seven of her Fed officials see rates higher than his 5.1% final rate.The Federal Open Market Committee, which sets interest rates for 2024, has forecast interest rates to fall to 4.3%.The Fed’s latest goals are:magnifying iconoutward arrowThe latest forecast comes amid widespread banking turmoil that took the market on a roller coaster in March. The Federal Reserve and other regulators have taken urgent steps to protect failing bank depositors, but concerns about a surge in deposits remain at some local banks.Fed Chairman Jerome Powell said the markets were wrong when pricing in rate cuts later this year.”Participants have not seen a rate cut this year, they just haven’t,” Powell said at a press conference on Wednesday.Fed officials also updated their economic forecasts. His inflation forecast for 2023 was 3.3% and in December he was 3.1%. The unemployment rate he dropped to 4.5% and the GDP outlook he dropped to 0.4%.Forecasts for the next two years are largely unchanged, except that the 2024 GDP forecast has fallen to 1.2% from 1.6% in December.Stock picks and investment trends from CNBC Pro:
https://www.cnbc.com/2023/03/22/the-fed-projections-call-for-just-one-more-rate-hike-this-year.html Federal Reserve expects one more rate hike this year

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