Moynihan Sees Three Rate Hikes This Year, Kashkari Calls for Tame Inflation

Bank of America CEO Brian Moynihan predicts that the Federal Reserve will raise interest rates three times this year, in September, November, and December.

This comes as Federal Reserve Bank of Minneapolis President Neel Kashkari echoed a similar sentiment, stating that rate hikes are needed now to tame inflation.

Moynihan also expects inflation to be in the 'mid-2s' by the end of 2027, before getting into the Fed's long-term target range of 2% subsequently.