Summary

The Federal Reserve has tolerated inflation above its 2% target for five years as it navigated a series of shocks, but analysts at Bank of America said that patience is coming to an end. In a note on Monday, BofA changed its forecast and predicted the Fed will raise rates by a quarter point three times this year, lifting the benchmark rate to 4.25%–4.5% from the current 3.5%–3.75% range.

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