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Six of the Fed’s 19 policymakers forecast the upper boundary of their target range for rates would reach 5% next year, according to estimates published in September. But in June, the highest projection called for a target range with an upper bound of 4.5% in 2023, and only one Fed official penciled that in. In March, the most hawkish officials saw rates reaching an upper bound of 3.75% next year.
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