Expectations are that the FOMC will leave rates unchanged after their deliberations on September 19-20. These are unlikely to be disappointed. The FOMC is unanimous in its determination to quell inflation and bring it back to the 2 percent flexible average inflation target. Where any disagreement is likely to emerge is in the size and/or timing of more increases in short-term rates, and if indeed any more increases are needed. The previous quarterly summary of economic projections suggested that restrictive monetary policy would reach its current peak by the end of 2023. With 525 basis points of rate hikes in place ... (full story)