TD forecasts +75bp Fed rate hike in November, +50 in December. Terminal 5% by March 2023

The Federal Open Market Committee (FOMC) minutes were released on Wednesday:

• FOMC minutes: Many saw holding rates for 'some time' after reaching sufficient level

TD Securities assessment now is:

• We continue to look for a 75bp rate increase in November and a 50bp hike in December
• We expect ... the Fed settling on a terminal Fed Funds target rate range of 4.75%-5% by March

Earlier (pre minutes):

• JP Morgan forecast Fed's upper band of target range to 4.75%, and stay there through 2023

Fed funds