Stock Groups

Wells Fargo expects four U.S. rate hikes this year, cuts growth forecast -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO A Wells Fargo logo can be seen in New York City on January 10, 2017, U.S.A. REUTERS/Stephanie Keith/File Photo

(Reuters) – Wells Fargo (NYSE): The U.S. Federal Reserve is expected to increase interest rates by four times this fiscal year. On Thursday, the bank also downgraded its growth projections for 2022, which it said was due to the growing threat from Omicron, a coronavirus variant.

The Wells Fargo economists anticipate the Fed’s first rate hike in March. It is also scheduled to terminate its monthly bond buying program. There will be further increases in each quarter of this year, and in 2023.

In predicting aggressive U.S. tightening to address inflation that is at its highest point in 40 years, the bank joined other Wall Street big-names such as JPMorgan and Goldman Sachs (NYSE :).

Wells Fargo expects the U.S. to increase its GDP by 3.9% by 2022. This is down from 4.4% last month. Growth is forecast to be 2.9% in the first quarter.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]