Half of Federal Reserve policymakers now expect to start raising interest rates next year and think rates should rise to at least 1per cent by the end of 2023, reflecting a growing consensus that gradually tighter policy will be needed to keep inflation in check.
The Fed on Wednesday kept its benchmark overnight lending rate in the current target range of 0per cent to 0.25per cent, where it has remained since March 2020 when the U.S. economy was buffeted by the onset of the pandemic. By 2024, the median rate forecast was for 1.8per cent - still below the 2.5per cent level they estimate neither stimulates nor restricts economic growth over the long run and therefore broadly accommodative of further job gains. That's despite policymakers' forecast for inflation to remain above the Fed's 2per cent target through 2024.
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