New Federal Reserve projections show six more rate hikes this year


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…


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