After four straight three-quarter-point interest rate hikes, the Federal Reserve is set to announce a smaller half-point increase in its key rate Wednesday, a first step toward dialing back its efforts to combat inflation.
more hikes next year than it had previously forecast
Yet with price increases still uncomfortably high — inflation was 7.1% in November compared with a year earlier — Powell and other Fed officials have underscored that they expect to keep rates at their peak for an extended period. On Wednesday, members of the Fed’s rate-setting committee will also update their projections for interest rates and other economic barometers for 2023 and beyond. Most analysts have forecast that they will pencil in a peak range of at least 4.75% to 5%, or even 5% to 5.25%, up from their September forecast of 4.5% to 4.75%.
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