MNI BRIEF: June SEP Still Best Guide To Rates - Fed's Powell

Federal Reserve Chair Jerome Powell said Wednesday the Summary of Economic Projections issued in June is still the best guide for where FOMC members see interest rates moving, potentially to 3.50% by yearend and a bit further rate early next year.

"I'd say that's probably the best estimate of where the Committee's thinking, which is still that we'd get to a moderately restrictive level by the end of this year," Powell said in a press conference. "Somewhere between 3% and 3.5% and where the Committee sees further rate increases in 2023."

Former Fed staff told MNI recently they see the Fed moving that estimate of the rate path moving up slightly.