Business View Magazine Dec-2022

12 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 12 A number of officials have also said the central bank may have to raise rates to a higher final destination point relative to their earlier expectations. At their September policy meeting the Fed penciled in a 4.6% federal funds rate for next year. The Fed will next update its interest rate and economic forecasts at the policy meeting on Dec. 13-14. The banks surveyed by the New York Fed serve as counterparties to central bank market interventions and underwrite Treasury debt auctions. The survey said that the median response of respondents sees the Fed’s ongoing drawdown in its holdings of bonds ending in the third quarter of 2024.