Fed raises forecast for US economic growth for 2023

The US Federal Reserve has raised its economic growth forecast for 2023 to 2.6% from 2.1% expected in September, while worsening its forecast for 2024 to 1.4% from 1.5%, Report informs referring to Interfax.

The Federal Reserve’s inflation expectations for the current year have been revised to 2.8% from 3.3%, and for the next year to 2.4% from 2.5%.

Median forecasts by Fed officials suggest that the benchmark interest rate will be 4.6% by the end of 2024 and 3.6% by the end of 2025. In September, the base interest rate was expected at 5.1% and 3.9%, respectively.