The Tell: Wall Street’s most pessimistic bank sees almost 5% fed-funds rate on horizon

Anna Moneymaker/Getty ImagesAs financial market gloom continued to deepen on Friday, Deutsche Bank, Wall Street’s most pessimistic bank, came out with yet another eye-opening view: Its U.S. economists, led by Matt Luzzetti, now expect the Federal Reserve to end its rate-hike campaign at 4.9% in 2023’s first quarter.The notion of an almost 5% fed-funds rate, which in Deutsche Bank’s own words is “way beyond” what the market is pricing, comes just days ahead of the Fed’s next meeting on Sept....