A little rate increase, and forecasts for a little more, and a little more, with no definite end in sight.
A little more pain and a promise for more to come from Fed Chair Jay Powell after today's FOMC meeting.
Today's rate hike of 0.5% lifts the terminal rate projection to 5.1%. It was the 7th and final rate increase of 2022, to the highest benchmark interest rate level in 15 years.
Powell answered questions about possible 2023 rate cuts, and the likelihood of a 2023 recession at the presser following the meeting.
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