High inflation will likely keep the Fed on track to continue raising interest rates well into 2023 as policymakers try to crush stubbornly high prices.
SlateStone Wealth chief market strategist Kenny Polcari discusses whether the U.S. economy passed peak inflation after November's wholesale inflation report beat expectations on 'Varney & Co.'is likely to keep interest rates elevated through 2023, dashing Wall Street's hopes for rate cuts in the second half of 2023 and almost guaranteeing a recession.
The forecast comes days before the Fed's final meeting of the year, during which policymakers are widely expected to raise rates by 50 basis points following four consecutive 75 basis-point hikes. Officials will announce their decision on Wednesday at 2 p.m. at the conclusion of their two-day meeting.
Federal Reserve Chair Jerome Powell speaks during a news conference on interest rates, the economy and monetary policy actions, at the Federal Reserve Building in Washington, D.C., on June 15, 2022. signaled at the end of November that the U.S. central bank will slow its interest rate increases at its meeting next week, but stressed that policymakers have more work to do in order to crush stubbornly high inflation.
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