SMM: in a recent CNBC survey, most participants believe that the Fed will not raise interest rates until 2023.

At the previous Jackson Hole meeting, Federal Reserve Chairman Colin Powell said the Fed adjusted to an average inflation rate of 2%, which made the market expect it to keep interest rates low.

Most participants in the survey believe the Fed will keep interest rates low until February 2023, six months later than the July survey.

John Ryding, chief economist of the Brean Capital, said the Fed's average inflation target shows that it can tolerate inflation above its previous target, which also means that interest rates will remain low for many years.

Market participants in the survey include economists, fund managers and strategists. Forty-eight per cent of participants thought the Fed would tolerate higher-than-target inflation for six months to a year, while 41 per cent thought it could tolerate higher-than-target inflation for more than a year.

The average expectation of inflation that the Fed can tolerate is 3.2 per cent.

Lynn Reaser, chief economist of the Point Loma Nazarene University, said that low unemployment is no longer seen as a driver of inflation, but it is not clear what else to look at or how long high inflation can be tolerated.

Some participants believe that inflation will cause problems sooner than the Fed expects. Sixty-five percent of participants believe that the US government's stimulus and the Fed's loose monetary policy will lead to higher inflation, up from 44 per cent in July.

Peter Boockvar, chief investment officer of Bleakley Advisory Group, said there was a lot of discussion about what the Fed would do next, but it would be more desirable for the Fed to consider changing policy in the event of an effective vaccine.

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