Economists once again upgraded their forecasts for US growth, spending and employment, but also see interest rates remaining higher for longer as above-target inflation persists. The upper boundary of the Federal Reserve’s target range for its benchmark interest rate, currently 5.5%, will fall only to 4% by the end of 2025, according to the latest Bloomberg monthly survey. That’s a half percentage point higher than respondents expected just a month ago. The median projection shows just two quarter-point cuts this year. “We made a substantial revision to our economic outlook,” Tom Simons, a senior economist with ... (full story)