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MNI INTERVIEW: FOMC Opens Door To 5% Rates and Beyond In 2023

(MNI) Washington

Ex-Dallas Fed adviser Danielle DiMartino Booth says the Fed is knowingly hiking into a recession.

This week’s FOMC decision represents a reset of Fed policy to decisively communicate to markets that economic weakness -- even a recession -- will not dissuade the Fed from hiking interest rates to control inflation, former Dallas Fed adviser Danielle DiMartino Booth told MNI.

The Fed not only jacked up borrowing costs by 75 basis points for a third meeting in a row but also signaled a much higher peak for rates – up to a 4.6% median from 3.8% in June -- with a third of officials estimating an even higher peak rate of 4.9%.

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This week’s FOMC decision represents a reset of Fed policy to decisively communicate to markets that economic weakness -- even a recession -- will not dissuade the Fed from hiking interest rates to control inflation, former Dallas Fed adviser Danielle DiMartino Booth told MNI.

The Fed not only jacked up borrowing costs by 75 basis points for a third meeting in a row but also signaled a much higher peak for rates – up to a 4.6% median from 3.8% in June -- with a third of officials estimating an even higher peak rate of 4.9%.

Keep reading...Show less