Fed predicts to raise interest rates to 4.6%

The U.S. Federal Reserve (Fed) expected to raise interest rates to 4.6 percent in 2023 before it halts its war against spiralling inflation, according to its median forecast published on Wednesday.

Fed has raised benchmark interest rates on Wednesday by other three-quarters of a percentage point to the 3-3.25 percent range, the highest level since early 2008.

The dot-plot showed that six of the 19 Fed members will raise interest rates to the 4.75-5 percent range next year, according to CNBC.