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Fed aims for 4.5%-4.75% interest rate by the beginning of 2023
As the Fed officials are concerned about the high growth rate of core inflation, given the rate of interest rate hike, the rate is expected to rise to 4.5-4.75% by the spring. That's according to the Federal Reserve Bank of Chicago CEO Charles Evans.
At Thursday's Illinois Chamber of Commerce meeting, Evans also noted the need to monitor core inflation, as it's what's causing most of the concerns among officials.
At the Fed's previous policy meeting in September, the interest rate was raised for the third time by 0.75 percentage points. Current rate is 3.25%. It’s expected that the rate could be increased by 1.25 percentage points before the end of the year.
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