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Economists at Jefferies, like those at Barclays, now expect the Federal Reserve to hike by 75 basis points at the June 14-15 policy meeting “as inflation expectations begin to de-anchor.” In a note, Jefferies economists Aneta Markowska and Thomas Simons wrote that Friday’s inflation data — both the CPI and UMich inflation expectations — “are game changers that will force the Fed to switch to a higher gear and front-load policy tightening.” Until Friday, the economists had expected the Fed to deliver three 50 basis point rate hikes in June, July and September.
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