Republican Congressman Kevin Hearn has announced that the Federal Reserve will raise interest rates one more time this year. Hearn made the statement after a closed-door meeting with Federal Reserve Chairman Jerome Powell on March 29, 2023. Powell emphasized that Congress will decide whether to raise the federal deposit insurance limit to ensure that America's individuals and businesses feel their money is safe. The US Open Market Committee (FOMC) dot plot released on March 23, 2023, predicted the year-end interest rate to be 5.1%, with 10 out of 18 FOMC members forecasting the rate to be at 5.00-5.25%.
Federal Reserve Plans to Raise Interest Rates Once More This Year
