Is There a Consensus on Fed Funds Rates?

A year ago markets were pricing a Fed funds rate of 0.68% by the end of 22. Economists had CPI at 2.6%. It's remarkable how settled the consensus is around a terminal rate of 5%. And their question, I think, is your question. Should we be questioning 5% a whole lot more? Yeah, I think the risks are skewed to the upside. But if aggregate incomes are still growing at a healthy pace, all that's doing is freeing up people to go spend money somewhere else.