The U.S. central bank is expected to maintain its key rate in the range of 5.25%-5.50% at 2 p.m. ET, but the focus will be on projections and Chair Jerome Powell's comments for clues on the outlook for rates and inflation. Recent economic data has signaled an easing in core inflation, fuelling bets of a likely peak in interest rates, but surging oil prices have left a print on the headline inflation figures, paving the way for the Fed to project higher-for-longer rates. 'The Fed's updated projections are likely to show one more hike in 2023, higher growth in 2023/24 but with the aim to stabilize inflation,' said Gabriele Foà, Portfolio Manager at Algebris Investments.
FILE PHOTO: Traders work on the floor of the NYSE in New York
Recent economic data has signaled an easing in core inflation, fuelling bets of a likely peak in interest rates, but surging oil prices have left a print on the headline inflation figures, paving the way for the Fed to project higher-for-longer rates. "In the near future, we think economic weakness will take a more central role in the market narrative," Foà said.
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