New York Federal Reserve President John Williams said Thursday it would be ‘reasonable’ to expect another interest rate hike from the Federal Reserve by the end of the year. The Fed raised its benchmark rate by a quarter percentage point earlier this month, bringing the overnight funds rate to a target range of 3.75%-4%. CME Group’s FedWatch tool now puts the probability of an October hike at 77.5%, up from around 53% the day before. The U.S. economy remains strong while inflation stays above 3%, well above the Fed’s 2% target.
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