U.S. Fed to raise rates near 5.5% by May, predicts Citigroup CEO

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NEW YORK — The U.S. Federal Reserve will raise interest rates to just under 5.5% by May, with an economic recession likely sometime in the second half of 2023, predicts Citigroup CEO Jane Fraser.

In a written interview with Nikkei, Fraser said that while “overall U.S. inflation has peaked, services inflation continues to be painfully persistent.”

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