Citigroup CEO predicts US Fed will raise interest rates close to 5.5% by May

NEW YORK — Citigroup CEO Jane Fraser predicts the US Federal Reserve will elevate rates of interest to only underneath 5.5% by Could, with an financial recession probably within the second half of 2023.

In a written interview with the Nikkei, Fraser mentioned that “whereas general U.S. inflation peaks, providers inflation continues to be painfully persistent.”