The Federal Reserve will conclude its last policy meeting of the year on Wednesday on the back of markets primed for a coming halt in the monetary tightening.
Federal Reserve Chair Jerome Powell hosts an event on "Fed Listens: Transitioning to the Post-pandemic Economy" at the Federal Reserve in Washington, U.S., September 23, 2022. REUTERS/Kevin Lamarque/File PhotoFed's Powell to hold news conference
After the anticipated half-percentage-point increase on Wednesday, the target federal funds rate would be set in the 4.25%-4.50% range. Investors in contracts tied to the federal funds rate now see the Fed scaling back to quarter-percentage-point hikes in February and March, leaving the policy rate just shy of 5% at the stopping point.
"The first half of 2023, that is clearly the discussion" as policymakers weigh the federal funds rate needed to secure "the last mile of inflation" control against potential job losses, said Joe Davis, global chief economist at Vanguard. The Fed targets 2% inflation using a different measure that is equivalent to consumer price inflation of around 2.5%.
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