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Federal Reserve Chairman Jerome Powell testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, on Sep. 28, 2021. Kevin Dietsch/Pool via Reuters
NEW YORK—The Federal Reserve’s more hawkish turn this week came amid heightened worries about economic recovery and inflation, but it has barely changed the bond market’s view that short-term interest rates could top out below the U.S. central bank’s estimated peak.
Current betting even has rates staying below the inflation level the Fed projected over the next few years.
