Powell's speech causes interest rate expectations to rise further

This week, US Federal Reserve Chairman Jerome Powell commented on possibly stronger interest rate hikes than previously expected. In order to reduce the inflation rate, the US Federal Reserve would like to dampen demand with higher interest rates. Due to a continued robust labor market and high inflation, higher interest rates by the end of 2023 have become more likely. While market participants were still expecting 4.5% for the end of 2023 in January, the figure has been around 5.5% since this week.