The U.S. Federal Reserve could be forced to pivot away from its path of aggressive interest rate hikes in three stages, according to author Nomi Prins.
Despite the broad market expectation for further 75 basis point hikes, Prins – a global economist and outspoken advocate for economic reform – said the Fed would likely pivot away from its hawkish trajectory in three stages as the disconnect between wealthy investors and institutions and the"real economy" widens.
"Whether that's to cut rates or to increase the size of its book again, that still remains to be seen," Prins added. Prins argued that by targeting wage inflation when wage rises are failing to keep pace with broader inflation was a mistake.
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