The Federal Open Market Committee has already raised interest rates this year at the fastest pace since 1981 and is expected to implement a third consecutive 0.75 percentage point rate rise on Wednesday. … “The FOMC has still not come to terms with how high they need to raise rates,” said Eric Swanson, a professor [of economics] at the University of California, Irvine, who foresees the fed funds rate eventually topping out between 5 and 6 per cent. “If the Fed wants to slow the economy now, they need to raise the funds rate above [core] inflation.”

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