The central bank's two-day meeting ends Wednesday, where it is expected to give more clues as to when it will hike rates and begin shrinking the balance sheet.
CNBC Fed Survey
Respondents marked down their outlook for stocks but only modestly compared to how much they boosted their outlook for Fed rate hikes. Theis seen ending the year at 4,658, or a 5.6% increase from the Monday close. That's down from the December forecast of 4752. The S&P is forecast to rise to 4889 in 2023.
While the outlook for Fed tightening has increased, respondents' economic outlook actually improved. The forecast for GDP rose to 4.46% this year, up by half a point, and to 3.5% for 2023, up about the same amount. Higher real or inflation-adjusted growth comes amid expectations for higher inflation, with the outlook for the CPI raised by about 0.4 percentage points this year to 4.4% and to 3.2% next year.
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