The Federal Open Market Committee will raise rates by 50 basis points next week, economists say in a survey.
The odds are the highest since 2020, according to a survey of economists.
Projections also upped the chances of a U.S. recession over the next year.
Consumer prices forecasts were revised up for every quarter through the end of next year.
Economists expect two quarter-point interest rate increases before the end of 2023, according to a Bloomberg survey.
Nearly two-thirds of surveyed economists predicted a near-term rally in stocks if Powell is renominated.
Ongoing supply chain strains and labor market shortages are raising costs for companies.
The latest projections are well above where they were at the start of the year.
Employers added a much-better-than-expected 916,000 new U.S. jobs last month.
Increased support has boosted prospects for growth and inflation, according to a survey of economists.
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