Wall Street ramps up Fed rate hike expectations as inflation roars

Lisa Ellis and Michele Schneider provide insight on the state of the American consumer on 'Making Money.'will raise interest rates at the steepest pace in over two decades as policymakers look to tame red-hot inflation.

A man wearing a mask walks past the U.S. Federal Reserve building in Washington D.C., on April 29, 2020."The Fed is charging toward a 50-basis point hike on May 4," said Luke Tilley, chief economist at Wilmington Trust. "Fed speakers are talking it up, the market has it priced in, and the economic data has not faltered. Fed officials that spoke this week ranged from saying a 50-basis point hike was ‘worthy of consideration’ all the way up to supporting it explicitly.

In this Jan. 29, 2020 file photo, Federal Reserve Chair Jerome Powell pauses during a news conference in Washington. Goldman Sachs, Bank of America and Fannie Mae are among the organizations now forecasting the possibility of at least a modest recession in 2023 as the Fed crushes consumer demand with higher interest rates.

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