High interest rates could be US' new norm

The Federal Reserve recently said that interest rates will remain high for some time and that the era of ultralow interest rates is over. In the past 18 months, the Fed has raised interest rates 11 times to fight inflation, taking its benchmark rate to the highest level in 22 years. Economists predict that the Fed may not cut rates until 2024. Fed officials said that they may not cut rates to 2.9 percent until 2026 and keep them at 2.5 percent for a long time.