PGIM Expects Three Fed Rate Hikes This Year to Combat Sticky Inflation

According to PGIM's mid-year outlook released last week, the U.S. investment manager now forecasts the Federal Reserve will raise rates three times this year to curb economic growth, citing the U.S. economy's "remarkable resilience" and persistent inflation. The shift marks a reversal from the firm's April forecast, when it had predicted rate cuts.
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