Macro - Weekly Briefings - US
The FOMC raised interest rates by 75bps this week and Chairman Powell indicated another 75bps or 50bps is likely in July depending on incoming economic data, notably inflation readings. The revised FOMC projections point to more than 200bps in additional rate hikes by the end of 2023 placing the mid-point of the fed funds target range at 3.8%. This would be more than 100bps into restrictive territory versus the Fed's forecast for the long-run neutral rate of 2.5%.
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