All those who were expecting a rate cut during 2023 can take a HIKE! After the Fed surprised no one by holding rates at their current levels, the median rate is now forecasted to be 5.6% at end of 2023 and 4.6% at end of 2024. Today’s can only be seen as a very hawkish “pause” and will give the Fed more time to assess the 15 months of rate hikes. The FOMC raised its forecast for 2023 core inflation. It is now expecting an upper bound PCE of 4.5% compared to the previous 4.1% helping to support…
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