BoA sees two more 25bps FOMC rate hikes, in July and September

Bank of America forecast for the Federal Open Market Committee (FOMC):

• sees two more 25bps FOMC rate hikes
• in July and September
• pushing the terminal rate up to 5.5%-5.75%

The Federal Reserve held the Fed Funds rate steady at its meeting on Wednesday, but the dot plot was hawkish:

• Forexlive Americas FX news wrap: Fed hits the pause button but dots signal hikes

More from BoA:

• pushes out its anticipated slowdown in the US economy by two quarters
• expects 1.1% q/q growth in Q4 real GDP vs the contraction of 0.2% it expected previously

Federal Reserve System Chair Powell