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Federal Open Market Committee (FOMC) monetary policy meeting for interest rates hike

Banks are paying the most in interest in over a decade. Credit card rates hit record highs. Mortgage rates surged at a speed that’s never been seen before — and the U.S. economy is expected to face the most widely predicted recession in years. Officials are projected to lift interest rates by this Quarter, a meeting is happening today to decide the rates. Investors are waiting for the Federal Open Market Committee (FOMC) monetary policy meeting. The CME’s FedWatch tool currently sets the probability of a 25 basis point (bps) increase at more than 94%, which would boost the target range to between 5% and 5.25%.

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