Traders’ interest-rate expectations for 2023 little changed despite Fed’s projections

Federal-funds futures are still indicating that traders expect the Federal Reserve will keep its benchmark interest rate at the current level this year, even as the Fed’s projections released Wednesday showed one more rate hike may be coming. 

Traders see a 73.1% probability that the Fed may keep its rate at the current target range of 5.25% to 5.5% at its next policy meeting in November, according to the CME FedWatch Tool, at last check.

The…