Fed Official Contemplate One More 2023 Rate Increase

Many Federal Reserve policy makers believe another 2023 interest rate hike may be warranted. This information came in September’s Summary of Economic Projections where twelve policy makers forecast that rates would be at 5.5% to 5.75% by the end of 2023. This represents one more interest rate hike from current levels.

That said, it’s not a foregone conclusion, seven policy makers see rates remaining at their current level for the remainder of 2023. As it stands, there is majority support for another rate hike in 2023, either on November 1 or December 13. Still, it does not look like it will be a consensus decision.