Investors now expect the Federal Reserve to raise interest rates to 5 per cent next year, suggesting that it will need to hammer the brakes on the economy harder than expected to tackle high inflation.
According to futures markets that track the federal fund rate, traders have fully priced in the benchmark policy rate reaching 5 per cent in May 2023, up from 4.6 per cent before the latest inflation data released late last week.
Expectations had ratcheted up after September’s consumer price index report that showed an alarming acceleration in monthly price pressures across a broad array of everyday items and services.
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