By the Investing.com staff

After today’s scorching hot +8.6% number, there are growing calls for Fed to increase rates next week.

Jonathan Millar, Barclays Bank’s Chief Financial Officer is on Friday with a call for the FOMC’s decision to increase rates by 75 basis points at its next meeting.

Millar said that “the May CPI was even more firm than anticipated, driven by broad price pressures.” “With little indication that these have peaked, we now expect the FOMC to hike 75bp at next week’s meeting.”

Millar stated that the Fed must be aggressive, even though the market still expects a price hike of 50 bps.

We are aware that this is an extremely close call, and it may play out either in June or July. He said that we have changed our forecast to include a 75bp increase on June 15. “We also raised our projection for the terminal rate 25 bps, from 3.00-3.255% in early 2023.”

Jim Cramer of CNBC called today for a Fed hike. According to him, the aggressive Fed hike could lead to a rally in the stock market.