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Fed’s Evans says he expects US interest rates to peak by March

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The Fed has aggressively raised the key rate by 3 percentage points this year, taking its target to 3.00% to 3.25% (Image: REUTERS/Edgard Garrido)

The central bank of United States has raised the rate of fees quickly to deal with very high and persistent inflation and is likely to drive the costs of loans short-term travel from the US to where they need to be early next year, Chicago Federal Reserve Chairman Charles Evans said Wednesday.

Most monetary policymakers in the fed it projects a benchmark interest rate of 4.5% to 4.75% through the end of next year, based on its estimates published last week. “We will be at that point in March,” said Evans at an event on current economic conditions held by the London School of Economics.

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Ten-year Treasury yields rose to their highest level in about 12 and a half years on Tuesday as investors braced for interest rates that could remain higher for longer than anticipated as government officials central bank have remained firm in their aggressive stance against rising prices.

Since August 2, the ten-year bond’s return has advanced 145 basis points.

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The Fed has aggressively raised the key rate by 3 percentage points this year, bringing its target to 3.00% to 3.25%.

The central bank made its third straight adjustment of 0.75 percentage point last week and signaled interest rates are likely to rise to a range of 4.25% to 4.5% by the end of the year.

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Source: Moneytimes

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