Goldman Sachs forecasts interest rate hikes in 2022

CNN– Get ready for more price hikes, Goldman Sachs is forecasting four interest rate hikes this year. The Wall Street bank told clients it expects the federal reserve to raise interest rates in March, June, September and December. The bank previously predicted only three rate hikes in 2022.

The new forecast is in response to high inflation and low unemployment. Rate hikes will raise the cost of borrowing on mortgages, car loans and credit cards.

Federal Reserve Chairman Jerome Powell is set to discuss inflation and interest rates Tuesday.