Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following an FOMC meeting in Washington, D.C., on July 27, 2022. Photographer: Ting Shen/Bloomberg
Federal Reserve officials will signal a more hawkish stance next week, with interest rates reaching 4 percent by December and staying high through 2023, according to economists surveyed by Bloomberg. The survey participants expect the Federal Open Market Committee (FOMC) to raise rates by 75 basis points (bps) for a third consecutive meeting when policymakers announce their decision next Wednesday.
That would lift the target range for their policy benchmark to the range of 3 percent to 3.25 percent. Fed forecasts released at the meeting are expected to show the upper bound of the range at 4 percent by year-end and edging higher next year, before cuts in 2024 take it back to 3.6 percent.
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