Friday, January 28, 2022

Wells Fargo expects U.S. rates to quadruple this year, lowering its growth forecast

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January 13 () – Wells Fargo expects the U.S. Federal Reserve to raise interest rates four times this year, the bank said on Thursday, lowering its 2022 growth forecast for the world’s largest economy on threats posed by the coronavirus Omicron variant. .

Wells Fargo economists expect the first rate hike to end in March, when the Fed will have to end its monthly bond-buying program, after which it will rise three times in each subsequent quarter of this year and in 2023.

The bank joins other big names on Wall Street, including Goldman Sachs and JPMorgan, and predicts an aggressive tightening of U.S. monetary policy to combat inflation, which has reached its highest level in nearly 40 years.

Wells Fargo now expects U.S. gross domestic product to grow 3.9 percent in 2022, down from last month’s 4.4 percent forecast. Growth in the first quarter is expected to be 2.9%. (Interview with Devik Jain in Bangalore; edited by Vinay Dwivedi)

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