Fed will raise rates to 6% in 2023, gold could hit $10k by 2025 - Tom Luongo

- The Federal Reserve will hike interest rates to 6 percent in 2023, according to Tom Luongo, Publisher of Gold, Goats 'n Guns.

Since March of 2022, the Federal Reserve has raised interest rates by 500 basis points in an effort to reduce inflation, which reached a peak of 9.1 percent in June of 2022.The Fed had previously slashed rates to zero in 2020 to help the U.S. government facilitate COVID-related relief. This, analysts claim, led to high inflation in 2022.

To find out why Luongo thinks that high inflation will return, and what the Fed will do about it, watch the video aboveAs the Fed tightens monetary policy, Luongo expects more bank failures across the United States.The U.S. banking system faced uncertainty following the failures of four major banks early this year. The latest bank to fail, First Republic, had over $200 billion in assets under management, making its collapse the second-largest in American history.

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