To neutral
US interest rates are on a far steeper and faster climb than previously anticipated following the Federal Reserve’s (Fed) liftoff on Wednesday, bringing to an end zero-interest-rate policy, or ZIRP, that has been mostly in place since the 2008 Great Financial Crisis.
Money markets are signalling that the Fed’s surprisingly aggressive posture on inflation will put the brakes on the economy, forcing it to cut rates perhaps as early as the second half of next year, and definitely by 2024.
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