With inflation high, the job market tight and the economy chugging along, investors are coming to terms with the idea that the Federal Reserve will be setting rates higher for longer. But “longer” might mean even longer than the Fed expects.
“The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated,” Fed Chairman Jerome Powell told the Senate Banking Committee on Tuesday. That suggests not only that when it meets later this month, the Fed’s rate-setting committee will raise its target range on overnight interest rates once again, and perhaps by a half a percentage point if economic data over the next couple of weeks runs hot, but also that it may raise its assessment of how high it will lift rates over the course of the year.
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