Citigroup now expects Fed to hike interest rate in November By Reuters

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Citigroup now expects Fed to hike interest rate in November

Published Sep 14, 2023 06:54AM ET Updated Sep 14, 2023 07:17AM ET

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Citigroup now expects Fed to hike interest rate in November

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(Reuters) -Citigroup now expects the U.S. Federal Reserve to raise its key interest rate by 25 basis points (bps) in November, compared with its previous forecast of a September hike.

According to Citigroup (NYSE:C) economists led by Andrew Hollenhorst, the recent inflation data raised expectations that the Fed would "pause" during the policy meeting next week.

"The slightly stronger-than-expected reading is likely to keep the Fed leaving the 2023 median 'dot' unchanged," Citigroup economists wrote in a note dated Wednesday.

Traders see a 97% chance of the Fed holding rates in September and a near 60% likelihood of a November pause, the CME FedWatch Tool data showed.

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