Wells Fargo news: Fed should hike interest rate rates 150 basis points: Wells Fargo

From CNBC:

It’s a move that would likely cause panic on Wall Street.

But Wells Fargo Securities’ Michael Schumacher suggests the Federal Reserve is raising rates too slowly, telling CNBC’s “Fast Money” he would seriously consider a 150 basis point hike this week if he was chair Jerome Powell.

“The Fed knows what the destination is. So it’s got the funds rate now, the upper bound, is 2.5%. Very likely it gets to 4%-plus this year,” the firm’s head of macro strategy said on Tuesday. “Why not just rip off the band-aid. Let’s get there in one day. But of course, the Fed won’t do that.”

He acknowledges it would be a tough maneuver to pull off without violently shaking markets. The key is policymakers need to convince investors the historical jump in rates is frontloaded, according to Schumacher.

Continue reading Fed should hike interest rate rates 150 basis points: Wells Fargo on CNBC

Do you have a complaint about Wells Fargo, such as locked accounts or overcharges? Please tell us your issue and we’ll reach out if and when we can help.


Read More:

FairShake is aggregating links to consumer news stories across the web. We claim no rights to the snippets featured.

Latest news

Top DISH Network story from Forbes: DISH Network And Walt Disney Company Do A Rare ‘Handshake’ Carriage Agreement For Cable Networks

From Forbes: In a rarity in the cable network industry, after the Walt DisneyDIS Company pulled down its networks...

Take action against PayPal: PayPal’s ‘once beloved story’ is ‘back in vogue’ despite some noise

From MarketWatch: The stock fared better later in the month after Amazon.com Inc. AMZN, -5.04% announced that it was finally...

Earn a big cash back bonus with Chase Ink Business Cash and Unlimited cards, Warns USA TODAY

From USA TODAY: — Our editors review and recommend products to help you buy the stuff you need. If you...

Hold Wells Fargo responsible: Wells Fargo in Talks With CFPB to Settle Variety of Inquiries

From Bloomberg Law: Wells Fargo & Co., which set aside $2 billion last quarter to deal with legal matters, said...

Wells Fargo Names Fercho Head of Diverse Segments, Representation, Inclusion, says MarketWatch

From MarketWatch: Wells Fargo launched the DSRI function in 2020 to coordinate the bank's diversity, equity and inclusion efforts across...

Take action against AT&T: DirecTV Impersonators Are Scamming Customers, New Lawsuits Say

From Bloomberg Law: AT&T Inc.-owned DirecTV LLC is suing two US companies for allegedly posing as the satellite-TV provider to...

You might also likeRELATED
Recommended to you