This week’s two-day meeting saw one member shift the estimate to 2.25 percent to 2.5 percent. Two more increased their estimates a quarter point to 1.75 percent to 2 percent. Calculating the median of the dots then pushed the overall forecast to equate to two more hikes this year – likely in September and December.
Fifteen members vote in all.
Prior to the meeting, the CME’s FedWatch tool had been pointing to a 46.5 percent chance of a fourth hike, meaning investors got a mild surprise from the central bank this week.
Markets widely expected the Federal Reserve’s policymaking body to increase its benchmark interest rate a quarter point at the meeting.
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