The U.S. Federal Reserve will announce interest rates on their first meeting of 2023 on February 1. Current consensus is for a small hike in rates, but there's a lot of incoming data before that decision.
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following a Federal Open Market Committee meeting in Washington, DC, US, on Wednesday, Dec. 14, 2022. Photographer: Al Drago/Bloombergon February 1: 2023. Currently both interest rate futures and the Fed’s recent hawkish tone mean we can expect another interest-rate hike, but it may be small in comparison to 2022 decisions.
The interest-rate move is currently expected to be smaller than past hikes at 0.25 percentage-points. There is still significant economic data to come in ahead of the Fed’s decision and this could change the Fed’s view. The decision is scheduled for February 1 at 2pm ET, and will be accompanied by a press conference from Fed Chair Powell, but without an update to the Fed’s economic projections, that will occur at the following March meeting.
However, there’s a chance, albeit less likely, that the Fed is move dovish, holding rates steady after a February 2023 hike, or in a more hawkish move, continues upping rates for the first half of 2023 if inflation doesn’t trend favorably. The consensus though, is that the Fed is now close to the maximum level it wants to see for interest rates, and the debate surrounds exactly where peak interest rates are, and how long rates will remain at that level.
and resulting lower inflation for services. That’s combined with an expectation that good prices and housing costs are subdued in 2023.
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