Our forecast of another rate hike in September 2023, followed by a hold, is in line with the current expectations of most economists and market participants. The Federal Open Market Committee (FOMC) has raised interest rates four times this year in an effort to combat high inflation, and it is widely expected to raise rates again at its next meeting on September 20-21. However, there is growing uncertainty about how much further the Fed will need to go in its rate-hiking campaign.