The survey by CNBC included 46 respondents comprised of a mix of economists, fund managers and strategists.

“If the sense is that we’re overheating and inflation is a problem and will eat into corporate profits and a rise in interest rates will choke off growth, that will be a problem,” said Brian Nick, chief investment strategist at Nuveen. “But if rates go up more slowly because the economy is doing better, it’s not that big a deal.”

As far as specifics go, survey respondents see the Federal Reserve raising the federal funds rate another 25 basis points today and an additional 25 in December, which would leave rates at 2.5. Furthermore, survey respondents forecast an increase of 50 more basis points in 2019, bringing the federal funds rate to a range of 2.75 to 3%.

All in all, the average of respondents see the federal funds rate at 3.3% once the Federal Reserve is done hiking rates.

For more trends in fixed income, visit the Rising Rates Channel.

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