The Fed put out a fresh set of forecasts on Wednesday that show inflation remaining elevated, while expectations were for growth in gross domestic product to slow while unemployment rises.
The Fed said on Wednesday that its benchmark rate would likely top out above 5%, which is higher than expected just a few months ago, and indicated it wasn’t inclined to pause or pivot to rate cuts anytime soon. That is pressuring stocks as investors had hoped for the turn sometime in 2023.
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