Any doubt that the Federal Reserve will raise its its benchmark interest rate by 0.75 percentage point next week is gone, economists said, following the hot U.S. consumer price inflation data for August released Tuesday.
“Today’s upward surprise in the core index seals a third consecutive 75 basis point tightening move by the FOMC next Wednesday. It will likely play an important role in skewing the policy statement verbiage and Chair Powell’s post-meeting remarks to the hawkish side of the spectrum,” said Josh Shapiro, chief U.S. economist at MFR Inc.
Prior to the data, most economists thought that the Fed would slow the pace of rate hikes in November to a half percentage point hike, but now a larger 0.75 percentage point move is expected, according to the CME data.
Source: Loan Digest (loandigest.net)
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