After a year of rising interest rates, the Federal Reserve is expected to change course at its next meeting.
Sponsored by Credible - which is majority owned by Fox Corporation. Credible is solely responsible for the services it provides.Money experts project no future interest rate hike after the Federal Reserve's next meeting in September, according to a survey conducted by the Federal Reserve Bank of New York. They also expect the central bank to cut rates at its April 2024 meeting.
The New York Fed expects a 4% federal funds rate, but the market participant survey predicted 3.88%. Following the Fed’s recent rate hike, the federal funds rate stood at a targeted range of 5.25% to 5.5%, the highest level in 22 years. "The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated," Fed Chairman Jerome Powell testified to the Senate Banking Committee earlier this year. "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.
"Job growth is weakening, and wage growth is holding steady, but both are still above the pace that would be consistent with the Federal Reserve’s inflation target," Joel Kan, Mortgage Bankers Association vice president and deputy chief economist, said in a statement.
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