Wall Street Is on a One Way Trip to Misery Until Fed Hikes Stop, Market Forecaster Jim Bianco Warns

Bianco expects the Fed will hike rates by 75 basis points on Wednesday, which falls in line with Wall Street estimates. He's also forecasting another 75 basis point hike at the next meeting in July.

He contends the Fed needs to see serious damage to the economy to back off its tightening policy. With inflation affecting every corner of the economy, he warns. According to Bianco, the odds are against a soft or even a softish landing.

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