Federal Reserve (Fed) has raised rates 75 Basis Points in an effort to tame the Inflation. Fed officials now predict the key rate will end 2022 at a range of 4.25% to 4.5%, a full percentage point above the 3.25% to 3.5% they projected in June, and close out next year at 4.5% to 4.75%, according to their median estimate. That suggests the central bank could approve another three-quarter point hike at its November meeting and then a half-point rate rise in December.
The central bank expects to cut the fed funds rate by about three-quarters of a point in 2024, presumably in response to a slowing economy or possibly a recession.