Prices of fed funds futures after the report reflected solid bets on an increase in the benchmark rate to a 4.75%-5% range at the March 21-22 meeting
The Federal Reserve is seen raising its benchmark rate a quarter of a percentage point next week and again in May, as a government report showed U.S. inflation remained high in February, and concerns of a long-lasting banking crisis eased.
Expectations shifted abruptly after a bank run triggered the failure of two banks and a dramatic move over the weekend by the Fed and other U.S. regulators to ensure the safety of deposits and shore up confidence in the banking system. Fed policymakers will publish their own rate path expectations next week. In December they had pointed to a top Fed policy rate this year of 5.1%, and with continued labor market strength and stubbornly high inflation they have been expected to signal a higher stopping point.
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