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Wells Fargo sees U.S. 2022 inflation, GDP around 4% – CIO – Metro US

Wells Fargo sees U.S. 2022 inflation, GDP around 4% – CIO

FILE PHOTO: A Wells Fargo logo is seen in New
FILE PHOTO: A Wells Fargo logo is seen in New York City

LONDON (Reuters) – U.S. inflation and economic growth are likely to come in at around 4% next year, suggesting inflation will remain higher than anticipated, Wells Fargo’s Wealth & Investment Management CIO said on Monday.

“We think inflation remains sticker that people expect, around 4%,” Darrell Cronk, told the annual Reuters Investment Outlook Summit, referring to the 2022 outlook.

Speaking on the same panel debate, Standard Chartered Bank CIO Steve Brice, said the Federal Reserve was likely to deliver less monetary tightening that currently priced by financial markets.

“We know the markets are pricing around two Fed rate hikes next year, at one point it was nearly three,” he said.

“We still only think we’re going to see one rate hike and part of that is this dollar reaction function, but also what’s going on in China.”

(Reporting by Dhara Ranasinghe and Sujata Rao)

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