So, what will the Fed do at its latest meeting? The short version is that almost everyone thinks it will raise rates by 75 bps (or 3/4 of a percent). Almost, in this case, means that a minority of people think the Fed will raise rates by more, like a full percentage point. The takeaway is that everyone does expect rates to go up—and by an amount that, prior to the past couple of months, would have been shockingly large.
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