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U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the headquarters of the Federal Reserve, July 27, 2022 in Washington, DC. Drew Angerer | Getty The Federal Reserve will raise interest rates to up to 4.6% in 2023 before the central bank stops its fight against soaring inflation, according to its median forecast released on Wednesday. The central bank on Wednesday raised benchmark interest rates by another three-quarters of a percentage point to a range of 3%-3.25%, the highest since early 2008. related investing news BlackRock's Rieder says Fed should not panic because rate hikes have lagged effect Patti Domm 4 hours ago With inflation still high, the Fed may be a long way from where it can stop hiking Jeff Cox 2 days ago The median forecast also showed that Fed officials expect to hike rates to 4.4% by the end of 2022. With only two policy meetings left in the calendar year, chances are the central bank could conduct another 75-basis-point rate...

VIDEO 3:51 03:51 We'll have to continue raising rates unless there's a period of sustained inflation under control, says Fed's Barkin Squawk on the Street Despite positive inflation data this week, Richmond Federal Reserve President Thomas Barkin said Friday that more interest rate increases will be needed to tamp down price pressures . Releases this week showing that consumer and wholesale price increases softened in July were "very welcome," Barkin told CNBC's "Squawk on the Street" in a live interview. "So we're happy to see inflation start to move down," he added. But he noted that, "I'd like to see a period of sustained inflation under control, and until we do that I think we're just going to have to continue to move rates into restrictive territory." Headline consumer prices were flat in July while producer prices declined 0.5%, according to the Bureau of Labor Statistics. However, that was just one-mont...

U.S. stocks rallied Wednesday, as traders cheered better-than-expected economic data that slowed down the idea that a recession is inevitable. The Dow Jones Industrial Average rose 406 points, or 1.25%. The S&P 500 gained 1.46%, and the Nasdaq Composite increased 2.32%, boosted by rising tech stocks. Earnings season continued, giving investors hope that the market can recover. Moderna surged more than 15% and CVS Health gained nearly 5% after reporting earnings beats. Stocks rebound as investors cheer strong economic data Aug. 3, 2022 03:16 Comments from St. Louis Federal Reserve President James Bullard also boosted sentiment. He told CNBC Wednesday morning that he doesn’t think the U.S. is currently in a recession, and that rate hikes to tame high inflation will continue. “We’re going to have to see convincing evidence across the board, headline and other measures of core inflation , all coming down convincingly before we’ll be able to feel like we’re doing our job,” Bullard said...