reactedThe new projections added a hawkish tilt to the Fed's interest rate decision, showing policymakers at the median see the benchmark overnight interest rate rising from the current 5.00%-5.25% range to a 5.50%-5.75% range by the end of the year.
"Some people were expecting that the Fed would actually pause this month, but also not raise rates anymore," said Sam Stovall, Chief Investment Strategist at CFRA Research. "However, it does seem as if the FOMC members have become even more hawkish since the last meeting, and I think that has taken investors by surprise."
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