Top investment banks scramble to change their Federal Reserve rate calls after hawkish shift

Strategists at the world’s top investment banks scrambled to change their Federal Reserve rate calls on Thursday after policy-makers emphasized at a policy meeting that it would continue to tighten policy to clamp down on inflation.

Analysts at Nomura, Japan’s biggest brokerage and investment bank, said they expect the U.S. Federal Reserve to hike its benchmark rate by 50 basis points in March. Fed Chair Jerome Powell did not rule out such a move when asked about it after Wednesday’s Fed meeting. Fed funds futures, which track short-term rate expectations, are now pricing nearly five rate increases of 25 bps each this year, up from four expected hikes before Powell’s news conference.

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