The Summary of Economic Projections, released Wednesday, shows Federal Open Market Committee members expect the fed funds rate target to remain at zero lower bound through next year, with all but two participants expecting no rates hikes in 2022 as well. One member expects rates to jump a full point in 2022, while the other outlier sees rates climbing 25 basis points in 2022. Over the longer run, most members see rates at 2.5%, with others ranging from 2.0% to 3.0%. And in his post-meeting press conference, Fed Chair Jerome Powell said, “We are not even thinking about thinking about raising rates.”
(Read more: The Bond Buyer)
