Pretty much as anticipated, the Federal Reserve raised the target range for the fed funds rate by another 75bps to 3%-3.25% during its September meeting, the fifth consecutive rate hike, and pushing borrowing costs to the highest level since 2008. The central bank also signaled larger increases to come in new projections showing its policy rate reaching 4.4% by the end of 2022 before topping out at 4.6% in 2023.

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