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U.S. Fed to raise rates near 5.5% by May, predicts Citigroup CEO

Fraser expects 2023 recession but considers financial system more stable

Citigroup CEO Jane Fraser sees the U.S. economy going into recession in the second half of 2023.

NEW YORK -- The U.S. Federal Reserve will raise interest rates to just under 5.5% by May, with an economic recession likely sometime in the second half of 2023, predicts Citigroup CEO Jane Fraser.

In a written interview with Nikkei, Fraser said that while "overall U.S. inflation has peaked, services inflation continues to be painfully persistent."

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