BoA economics citing rapidly rising wages as a key factor in their projection of seven interest rate rises to come in 2022:

  • 7*0.25% increases in 2022
  • 4*0.25% to follow in 2023

On the indicators of rising wages:

  • If I’m the Fed, I’m getting more nervous that it’s not just a few outliers


  • If I were the Fed chair ... I would have raised rates early in the fall. When we get this broad-based increase and it starts making its way to wages, you’re behind the curve and you need to start moving.
Federal Reserve Chair Powell