What will the Fed signal about the future path of rate rises?
At its November policy meeting next week, the Federal Reserve is widely expected to announce a fourth consecutive 0.75 percentage point increase in interest rates. This would bring its key rate to 3.75 to 4 per cent, the highest since December 2007.
The futures market has nearly fully priced in the likelihood of that 0.75 rise. What’s less certain is what Fed chair Jay Powell will signal about rate increases going forward. As the global economy has slowed and inflation appears to have peaked, some believe the Fed is more likely to moderate the pace of its tightening.
Investors in the futures market are betting on higher odds that a 0.5 percentage point increase in rates will be announced at the final meeting of the year in December.
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