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    Stock Market Today: Stocks Briefly Sputter as Fed Projects Higher Rates in 2023

    by Kyle Woodley Jun 16, 2021 2 minutes

    The writing on the wall – that the clock is ticking on near-zero interest rates – grew increasingly clear Wednesday as the Federal Reserve projected higher benchmark rates by the end of 2023 in its latest policy announcement.

    The Fed's statement, released in the afternoon, showed a median forecast of two 25-basis-point rate hikes in 2023, up from zero increases in March. (A basis point is one one-hundredth of a percentage point.) Moreover, seven FOMC participants forecast at least one hike in 2022, up from five in March.

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