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Making sense of the markets this week: March 20
– moneysense.ca
The Fed moves, just a scooch
On Wednesday of this week, Federal Reserve chairman Jerome Power made the move on rates. The Federal Open Market Committee raised U.S. overnight interest rates by 0.25% to 0.50%, its first rate hike since December 2018.
Source: S&P Global
Central bankers embarked on what may turn out to be a lengthy and difficult challenge to wrestle inflation to the ground. Earlier this month, the Bank of Canada also increased the overnight rate from 0.25% to 0.5%.
Financial analysts expect both central banks to raise borrowing costs several times this year and next. The Fed board is predicting six rate hikes in the U.S. in 2022. If each rate hike is 0.25% that would put the overnight rate at 2.25%. There is the possibility of a 0.5% rate hike thrown into the mix.
Here is the “everything you need to know” about rate hikes history…
