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Interest rates are a hot topic in the financial world. The Federal Reserve is responsible for setting interest rates in the United States. The Fed has been raising interest rates since 2015, but it has paused its rate hikes in recent years. The question on everyone’s mind is whether interest rates will go down in 2023.
According to an article by CGAA, given the current economic conditions and the expected trajectory of the economy over the next few years, it is unlikely that interest rates will decrease significantly in 2023. In fact, the U.S. Federal Reserve is likely to keep interest rates low to support the economy. They may go down a bit further, but are not expected to go back to the historically low levels seen in 2020 and early 2021. The job market is expected to continue to improve, but slowly. Inflation is expected to be low and stable.
However, according to an article by The Motley Fool, the Fed isn’t done fighting inflation. And because of that, consumers should not expect interest rates to drop in 2023. However, rates may also not climb much from where they are today.
Morningstar expects that the Fed will cut interest rates in 2023. They project a year-end 2023 federal-funds rate of 4.75%, falling below 2.00% by mid-2025. That will help drive the 10-year Treasury yield down to 2.25% in 2025 from an estimated 2.75% at year-end 2023.
Forbes Advisor predicts that mortgage rates will rise in 2023 due to inflationary pressures and a stronger economy.
USA Today reports that although the Fed hasn’t predicted any rate cuts in 2023, markets had been betting that officials would be forced to lower rates this year as the economy slipped into a recession, largely due to supply chain disruptions caused by COVID-19.
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