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    Multiple interest rate hikes likely this year: Wells Fargo Investment

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    Multiple interest rate hikes likely this year: Wells Fargo Investment

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    There will be multiple interest rate hikes through the course of the year, said Gary Schlossberg, global strategist at Wells Fargo Investment Institute, on Wednesday.

    There will be multiple interest rate hikes through the course of the year, said Gary Schlossberg, global strategist at Wells Fargo Investment Institute, on Wednesday.
    Speaking in an interview to CNBC-TV18, he said, “Ultimately, there will be multiple rate hikes over the course of the year but the US is going through a growth slowdown at the moment, a lot of it is related to Omicron.”
    Wells Fargo Investment, said Schlossberg, continue to focus on quality companies, well capitalised, earnings stability companies and largecaps. He said, “What we are going to see over the next six months through the ups and downs of the economy is rotation between technology and cynically sensitive sectors of the stock market.”
    On inflation, he said, “Slowing growth, elevated inflation, growth picking up again while inflation remains high and in that environment there is caution; whether or not we move out of the stock market into other asset classes is an open question.”
    “Our view is that the stock market still offers the best returns but it’s within the stock market. Staying with largecap stocks, quality stocks and moving between sectors tactically will be the best way to go over the next 6-9 months,” he said.
    For the entire interview, watch the video
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