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Goldman Sachs brings forward U.S. rate hike projection by a year
“The main reason for the change in our liftoff call is that we now expect core PCE inflation to remain above 3% — and core CPI inflation above 4% — when the taper concludes,” Goldman’s chief economist, Jan Hatzius, wrote in a client note. Federal Reserve policymakers are expected to announce plans to start tapering the central bank’s $120 billion in monthly purchases of Treasuries and mortgage-backed securities at the end of their two-day policy meeting on Wednesday. “Large surprises on the virus, inflation, wage growth, or inflation expectations, could prompt a revision, but we think the hurdle for a change in either direction is high,” said Hatzius.