At close of business on 3 May 2023, will the upper limit of the Federal Reserve's target range for the federal funds rate be lower, the same, or higher than it was at close of business on 22 March 2023?

The US federal funds rate is the interest rate charged for overnight lending among financial institutions with accounts at the Federal Reserve and sets the base rate for borrowing costs across the financial system (Federal Reserve). The target range for the federal funds rate is set by the Federal Open Market Committee (FOMC). Its May meeting is scheduled for 2-3 May 2023. Confused? Check our FAQ or ask us for help. To learn more about Good Judgment and Superforecasting, click here. To learn more about how you can become a Superforecaster, see here. For other posts from our Insights blog, click here.