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WASHINGTON, Feb. 17, 2022 /PRNewswire/ — With inflation at its highest level in four decades, the Federal Reserve is expected to enact a more aggressive course of monetary policy tightening than previously forecast, with a 50-basis-point increase to the federal funds rate in March now predicted to be the first in a series of interest rate hikes through 2023, according to the February 2022 commentary from the Fannie Mae (OTCQB: FNMA) Economic and Strategic Research (ESR) Group. The combination of a less accommodative interest rate environment and an increasingly worker-scarce labor market led the ESR Group to downgrade its expectations for 2022 real GDP growth from 3.1 percent to 2.8 percent; however, its expectations for 2023 headline growth remained unchanged at 2.2 percent, a pace that approaches the long-run trend.
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