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MNI: Fed Dot Plot To Show 1 More Hike, GDP Boost- Ex-Officials

(MNI) WASHINGTON

The FOMC is making decisions on a meeting-by-meeting basis as agreement over next steps frays.

Federal Reserve officials are likely to pencil in another interest rate hike and stronger economic growth for this year in the FOMC's updated quarterly forecasts Wednesday, hedging bets on additional tightening in case inflation proves more persistent than policymakers project, former Fed officials and staffers told MNI.

It's unclear whether the FOMC will significantly alter its June projection for 100 bps of cuts in 2024, though there is a desire to convey a "higher for longer" message, the former officials and staffers said.

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Federal Reserve officials are likely to pencil in another interest rate hike and stronger economic growth for this year in the FOMC's updated quarterly forecasts Wednesday, hedging bets on additional tightening in case inflation proves more persistent than policymakers project, former Fed officials and staffers told MNI.

It's unclear whether the FOMC will significantly alter its June projection for 100 bps of cuts in 2024, though there is a desire to convey a "higher for longer" message, the former officials and staffers said.

Keep reading...Show less