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MNI: Fed Hikes Rates By 75BPS, Sees 4.6% Peak Rate

(MNI) WASHINGTON
WASHINGTON (MNI)
FOMC expects to lift the fed funds rate target to 4.6% by the end of next year.

The Federal Reserve on Wednesday raised interest rates by another aggressive 75 basis points, the third such increase in as many meetings and part of the most accelerated rate hike campaign since the Volcker era, while charting a more aggressive path for how high rates need to go to control inflation.

The increase brought the federal funds rate to a range between 3% and 3.25%. The Fed also sharply boosted its forecast for where interest rates are likely to peak next year to 4.6% from its June forecast of 3.8%.

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The Federal Reserve on Wednesday raised interest rates by another aggressive 75 basis points, the third such increase in as many meetings and part of the most accelerated rate hike campaign since the Volcker era, while charting a more aggressive path for how high rates need to go to control inflation.

The increase brought the federal funds rate to a range between 3% and 3.25%. The Fed also sharply boosted its forecast for where interest rates are likely to peak next year to 4.6% from its June forecast of 3.8%.

Keep reading...Show less