Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, July 27, 2022.
Elizabeth Frantz | Reuters
The bond market is waiting for Federal Reserve officials to reveal how high they think interest rates will go. The reaction to that forecast will also have a profound impact on stocks, which have struggled as rates have risen in anticipation of a more aggressive Fed.
The latest Fed forecast for a terminal rate — or high water mark in interest rates — will be unveiled in quarterly economic projections released at 2 p.m. ET today. That is when the Fed is expected to announce that will it will raise its target fed funds rate, and there is some speculation it could move as much as a full percentage point.
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BlackRock's Rick Rieder expects the Fed to hike rates by three-quarters of a point Wednesday and says the Fed does not need to raise them by the full percentage point that some expect.
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