WEB: Next FOMC Rate Hike Countdown
Current Rate and Historical Context
The Federal Open Market Committee (FOMC) raised interest rates to 5.25-5.50% at the July 2023 meeting, marking 11 rate hikes in a cycle aimed at curbing high inflation. This represents the highest target level since 2001.
Outlook and Projections
The FOMC is expected to maintain its current fed funds rate target range of between 5.25 and 5.5% at its upcoming meeting. This will be the highest target level since 2001.
According to the CME FedWatch Tool, markets are pricing in a 90% probability of a 25 basis point hike at the next FOMC meeting on March 21-22, 2023.
Economic Data and Projections
The FOMC Summary of Economic Projections (SEP) provides insights into the Fed's economic outlook and projections for the Fed Funds Rate (Median FEDTARMD). The latest SEP, released on March 21-22, 2023, contains projections for 2024 and beyond.
Users can access graphs and download economic data from the SEP on the Federal Reserve's website. This data is valuable for understanding the Fed's expectations for the economy and its monetary policy decisions.
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