The Fed just raised rates by a quarter point.
Along with the hike, the central bank is penciling in another six rate hikes this year. For 2023, we could see another three hikes, with no hikes in 2024.
In fact, officials are signaling they expect for the rate to rise to about 2% by the end of the year. By the close of 2023, the rate could be up to 2.75%.