New York Fed Survey: The Fed is expected to complete the last rate hike of this tightening cycle in July

Banks and fund managers surveyed expect the rate hike at the July meeting to be the last one in the Fed’s tightening cycle. The survey was conducted ahead of the Federal Reserve’s July rate-setting meeting. The meeting raised the target range for the federal funds rate by 25 basis points to 5.25%—5.50%, in line with the expectations of big banks and fund managers. The Fed’s next monetary policy meeting will be held on September 19 to 20 local time. The latest pricing in the interest rate futures market suggests traders are now expecting no rate hike at the September meeting.