Economists at Goldman Sachs Group have revised their expectations that the US Federal Reserve will raise the interest rate to 5% by March 2023, an increase of 25 basis points from their previous forecast.

Goldman Sachs CEO David Solomon said last week that the US Federal Reserve might raise interest rates beyond 4.5-4.75% if it does not see "real changes in behavior," according to Bloomberg.

The upcoming Federal Reserve meeting could shed light on how long it will maintain tight monetary policies.

The report added that economists at Goldman Sachs noted that the journey to a 5% increase includes rises of 75 basis points this week, 50 basis points in December, and 25 basis points in February and March.

The report said that "Goldman Sachs" pointed to three reasons behind revising its expectation that the Federal Reserve would continue raising rates beyond February: uncomfortably high inflation, the need to cool the economy as financial tightening ends and incomes adjusted for prices rise, and avoiding premature easing of financial conditions.

The central bank is expected to raise interest rates by 75 basis points for the fourth consecutive time at the conclusion of its next policy meeting on November 1 and 2.