Expect 1 Fed Rate Hike This Year, CNBC's Fed Survey Shows

Will the Federal Reserve raise its interest rates this year? Depending on who you ask, the answer will vary from "absolutely yes — more than once" to "most likely just once," "no way" to "depends."

According to the latest survey by CNBC, respondents are expecting just one rate hike this year. The "CNBC July Fed Survey" found that 43 percent of respondents are expecting the long rate hike to occur in December. Respondents are expecting Fed funds rate to close the year at 60 basis points and read 1.2 percent next year and 2.4 percent over the longer term.

CNBC's prior surveys suggested there would be an average of 1.5 rate hikes.

Related Link: To Raise Or Not To Raise Rates: A Tale Of 2 Fed Reserve Presidents

The latest survey pointed toward ongoing geopolitics uncertainty as being a key concern that may have put a pause, at least a temporary one, on a rate hike.

"Brexit will keep the Fed from acting next week, and given the Fed's proclivity to keep rates unchanged before a U.S. presidential election, we won't see a rate hike until December at the earliest," Rob Morgan, chief investment officer of Sethi Financial Group, told CNBC in response to the survey.

Finally, respondents are expecting the U.S. economy to grow at 2 percent this year and 2.26 percent next year, while inflation is expected to read 1.6 percent this year and 2 percent next year.

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