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Bank of America is maintaining its forecast for two additional Federal Reserve rate hikes this year while questioning whether that total tightening of 75 basis points will be sufficient to return inflation to the central bank's 2% target.
In a client note obtained by TheStreet, the bank stated that it continues to call for quarter-point increases in October and December.
The Fed's benchmark Federal Funds Rate currently sits in a range of 3.75% to 4% following a unanimous 12-0 decision on Sept. 16 to raise rates by 25 basis points.
This marked the first increase since January 2023 and was widely expected by traders.
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