Multiple interest rate hikes likely this year: Wells Fargo Investment

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.”