By Ann Saphir (Reuters) - Faster growth, cooler inflation and a job market that won't quit have set the stage for an updated batch of forecasts from ...
By Ann Saphir - Faster growth, cooler inflation and a job market that won't quit have set the stage for an updated batch of forecasts from Federal Reserve officials next week likely toBy Ann Saphir
Given that rosier picture, Luzzetti - like most analysts polled by Reuters - says Fed policymakers probably won't lift the policy rate any further. They just are not ready to say so. Plus, Luzzetti points out, progress on inflation could stall out as the year rolls on, making a rate hike to tamp down on resurgent price pressures necessary after all, even if that is not the base case now.For Luzzetti and many other analysts, that means a majority of Fed policymakers will probably still pencil in a year-end policy rate of 5.6% - one quarter point above where it is now.
Many other economists also expect Fed policymakers to signal fewer rate cuts next year. Financial markets are currently pricing for rates to fall to 4.4% by the end of 2024 and 3.8% by the end of 2025.The Fed's seven governors and 12 Fed bank presidents will share their projections with one another next week as part of their policy deliberations, and they will be published for the world to see at the close of their two-day meeting on Wednesday.
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