(Reuters:) Bank of America (NYSE.) economists indicated on Friday that they anticipate the Federal Reserve raising rates seven times this year by 25 basis points, starting in March. The move is part of the U.S. Central Bank’s efforts to combat persistent inflation.

According to economists, “The Fed has admitted that it’s seriously behind the curve”, adding in a document that tightening aggressively “should impact the economy with an lag, weighing down on growth for 2023.”

According to the bank, its fourth quarter 2022 forecast for core personal consumption expenditures (PCE), was raised from 2.6% to 3.0%. This is because of “a faster than expected drop in unemployment” and “longer-than-expected supply disruptions that mean higher inflation.”

Also, it reduced its 2022 forecast for gross domestic products to 3.6% (from 4.0%), noting that “a mixture of demand and supply factors points to weaker economic growth this year.”

On Wednesday, the Fed stated that it will likely raise interest rates in March. It also reiterated plans to stop bond purchases in March. This is in line with what Jerome Powell, chief of U.S. central banks pledged would be a long-term battle to control inflation.

Bank of America stated that it expects the Fed to reach a maximum rate of 2.75 to 3.0% in its current forecast.