The Federal Open Market Committee is widely expected to raise interest rates by 75 basis points, for the fourth consecutive meeting, on Wednesday.
Economists polled by Bloomberg said that the expected increase this week paves the way for interest rates to reach 5 percent by March 2023, which would lead America and the world into an economic recession.
Economists participating in the survey expected interest rates to rise by another 50 basis points at the December meeting, and then by 25 basis points at the following two meetings.
The expectations of the Federal Reserve issued at the last September meeting indicated that interest rates will reach 4.4 percent this year, and then rise to 4.6 percent next year, before heading to a cut in 2024.
Experts believe that the Federal Reserve is determined not to shift its monetary policy aimed at combating inflation, which reached its highest level in 40 years. However, many experts and monetary policy makers have spoken in the past few days of the need to start planning the process of reducing the rate of interest rate hike.
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