The FOMC meeting: Rates have to rise further but perhaps more slowly
At its meeting on 2 November, the Federal Reserve raised rates by 75 bps. Chairman Powell indicated that the Fed may raise interest rates several more times, but also that those increases may come at a slower pace. In addition, he signalled that the ultimate level of the policy rate will be higher than previously expected, that is, higher than the September Federal Open Market Committee (FOMC) median projections of 4.4% in 2022 and 4.6% in 2023.
