Citigroup predicts U.S. Fed to soar interest rate in Nov

Citigroup expects the U.S. Federal Reserve (the central bank of the United States) to raise its key interest rate by 25 basis points (bps) in November, compared with its previous forecast of a September rise, according to Reuters.

“The slightly stronger-than-expected reading is likely to keep the Fed leaving the 2023 median ‘dot’ unchanged,” Citigroup economists wrote in a note dated Wednesday.

Notably, the European Central Bank(ECB) has raised interest rates by 25 basis points on Thursday, as a bid to slow down rising prices.