[Deutsche Bank: The Federal Reserve’s current round of interest rate hikes may become the shallowest in modern history] On September 17, Deutsche Bank reviewed the previous Federal Reserve interest rate hike cycles in its latest report and pointed out that the market often underestimates the final extent of tightening at the beginning of the rate hike. The market has already priced in the expectation that the Fed will raise interest rates three more times before the middle of next year. If the current market pricing is correct, this interest rate hike cycle may ultimately become the shallowest in modern history. Deutsche Bank statistics show that the historical Fed rate hike cycle lasted an average of 22 months, with a median of 15 months; the cumulative tightening average reached 478 basis points, with a median of 313 basis points. The smallest rate hike in the current record is the interest rate hike cycle from 1986 to 1987. The Fed raised interest rates cumulatively by only 137 basis points in four times.