On January 29, Bank of America economists predicted that the Federal Reserve may raise interest rates at each of its meetings this year in response to high inflation. "We now expect seven 25 basis point hikes this year, with the federal funds rate peaking at 2.75%-3.00%," Ethan Harris wrote in a note to clients on Friday. "This should have a lagged impact on the economy, weighing on growth in 2023."
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