The Fed Predicts 4.6% rate hikes before finishing inflation struggle

According to its median projection given Wednesday, the Fed will raise interest to 4.6% in 2023

The Fed boosted benchmark interest rates to 3%-3.25% on Wednesday, the highest since early 2008.

According to the consensus prediction, central bank officials expect rates to rise to 4.4% by the end of 2022.

With only two policy meetings left in 2018, the Fed might raise rates by 75 basis points.

The so-called dot-plot, which the Fed uses to forecast interest rates, suggested six of 19 "dots" would raise rates to 4.75 5% next year.

The economy should decelerate from the rate hikes. The Fed estimates the unemployment rate will rise to 4.4% next year from 3.7%.

The Fed's preferred personal consumption expenditures price index is predicted to drop to 5.4% this year due to strong tightening.