Economic data 'will come in worse' than Fed forecasts -investment banker

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STORY: “The Fed has been so wrong for the last two years—the last five years, actually. But they kept interest rates too low for too long and thought [inflation] was transient, so I'm not sure they have any real credibility at this point," Swenson told Reuters.
New York Federal Reserve Chairman John Williams told the New York Economic Club on Monday that he believes the Federal Reserve will need to raise interest rates in the coming months, but that a rate cut in 2024 is possible if inflationary pressures ease.
Williams said a recession isn't part of his baseline forecast, although he acknowledged downside risks.

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