FOMC The US Federal Reserve unanimously raised the FFR by 0.50% to 4.25-4.5%, as expected. The last four rate hikes have been in increments of 0.75%.
The median FOMC dot plot for FFR at the end of 2023 is now 5.1%, well above both the previous (September) forecast of 4.6% and derivatives market expectations. Against this background, the dollar rose against the G10 currencies, and the US stock market fell by about 1.5%.
The FOMC's accompanying statement retained the word "ongoing" in reference to the rate hikes needed to reach a sufficiently restrictive level to bring inflation back to 2% over time.
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