The Federal Reserve may lift interest rates by 75-basis points in June or July following the hotter-than-expected inflation report released on Friday as it seeks to cool prices.
The latest inflation data also prompted Barclays economists to update their forecast, projecting a 75-basis point hike at the Fed's policy-setting meeting that is slated to take place next week.
"The U.S. central bank now has good reason to surprise markets by hiking more aggressively than expected in June," the strategists, led by Jonathan Millar, wrote in a note Friday. "We realize it is a close call and that it could play out in either June or July. But we are changing our forecast to call for a 75-basis point hike on June 15." Federal Reserve Chairman Jerome Powell
rebuffed the possibility of a 75-basis point interest rate hike at the beginning of May following a policymakers' meeting at which they voted to lift rates by a half-point. Officials have signaled that half-point rate hikes are on the table in June and July, although it's unclear how Friday's report could affect that.
"A 75-basis point increase is not something that the committee is actively considering," Powell told reporters at the post-meeting press conference. Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee meeting in Washington, D.C., May 4, 2022.
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