As expected, the Federal Reserve raised interest rates by 50 basis points to continue the Fed’s monetary policy stance to cool inflation. Also notable is the fact that none of the FOMC members had forecasted a Fed funds rate over 5% in 2023, but now 17 out of 19 members see the Fed funds rate at or above 5% in 2023; a significant change in outlook as the Fed looks to raise rates further.

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