Fed: raise interest rates, but up to what level?

A monetary tightening cycle can be characterised by its start date, the speed of rate hikes and its end point. In recent months, the Fed has brought forward the first rate hike. It will now take place in March. The general view is that the rate hike cycle will be faster than the previous episode from 2015-2018. As for the question of the end point, it is hardly debated. According to the Fed's estimates, the long-term equilibrium level of the policy rate remains at 2.5%. At presen...