Bill Ackman says Fed is likely done hiking interest rates as U.S. economy is starting to slow

Pershing Square Capital Management founder Bill Ackman said he believes the Federal Reserve won’t be raising borrowing costs again this year as the central bank’s most aggressive campaign of interest-rate hikes since the 1980s is finally causing the U.S. economy to slow.

Since March 2022, the Fed has raised its target policy rate by more than 5 percentage points. In July, the target reached its highest level in 22 years. The Fed left its policy rate on hold following its September meeting, while signaling that it plans to keep interest rates above 5% for longer than investors had previously expected. It is projections were widely blamed for exacerbating a surge in long-dated Treasury yields that rocked stocks in September. The central bank also shared its expectation that it would raise interest rates once more before the end of the year.

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