Federal Reserve Predicts Economy Will Slow to a Crawl, Hikes Interest Rate Again

Wednesday, September 21, 2022 | Tag Cloud Tags: , ,

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(Worthy News) – The raised its target rate by three-quarters of a percentage point to a range of 3.00%-3.25% on Wednesday and signaled more large increases to come in new projections showing its policy rate rising to 4.40% by the end of this year before topping out at 4.60% in 2023 to battle continued strong inflation.

The U.S. central bank’s quarterly economic projections, meanwhile, showed the economy slowing to a crawl in 2022, with year-end growth at 0.2%, rising to 1.2% in 2023, well below the economy’s potential. The unemployment rate, currently at 3.7%, is projected to rise to 3.8% this year and to 4.4% in 2023. Inflation is seen slowly returning to the Fed’s 2% target in 2025.

Rate cuts are not foreseen until 2024. [ Source: Washington Free Beacon (Read More…) ]

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