Based on projections from the U.S. Federal Reserve, it is anticipated that the central bank will implement two additional increases to the federal funds rate within the span of 2023. As indicated by Fed policymakers, they estimate the benchmark bank rate to fall within the range of 5.5% to 5.75% by the end of this year. While there are those who predict the possibility of the Fed raising the rate to as high as 6% in 2023, not all market observers share the same level of certainty regarding the central bank’s decision to raise interest rates before the year concludes.
Some Doubt Fed’s Rate Hike Plans, While Others Brace for 6% Ceiling
For the next 23 days, the market will await the Federal Reserve’s next rate hike decision. On July 2, 2023, at 7:18 p.m. ET, the CME Fedwatch tool indicates an 84.3% probability that the central bank will raise the benchmark rate by 25 basis points (bps) to approximately 5.25% to 5.5%.
There is a 15.7% chance that the Fed will pause again at the July
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