The Fed will bring down the hammer on inflation with a series of rate hikes this year, BofA says

The Federal Reserve held its benchmark interest rate steady Wednesday during the first rate-setting meeting chaired by new Fed Chairman Kevin Warsh, but signaled future rate increases may be coming. With inflation at a three-year high, the central bank shifted its stance as Bank of America predicted the Fed would raise rates by a quarter point three times this year to combat persistently elevated price pressures.