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New Federal Reserve projections show six more rate hikes this year

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Federal Reserve officials expect to hike rates roughly six additional times this year, bringing its benchmark interest rate to nearly 2%, according to projections released Wednesday.

The median member of the Federal Open Markets Committee expects the Fed Funds rate to be 1.9% at the end of the year, according to the release. On Wednesday, the central bank raised its target range to be between 25 and 50 basis points. A basis point is equal to 0.01%.

There is a large gap among the individual projections, with one member seeing rates near 1.5% at the end of year while another sees the rate crossing 3%. The central bank also sees the rate rising to 2.8% in 2023.

The committee’s previous…



Source cnbc.com

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