Johanna Chua, chief APAC economist at Citigroup Global Markets, reportedly said inflation is likely to be quite persistent and the Federal Reserve may go for two more rate hikes in coming times.
Chua said Citi has a hawkish consensus view on the central bank's policy while arguing that the economy is not witnessing the kind of credit crunch that people are really worried about.

"There is a slowdown in kind of credit conditions, tightening of credit conditions, but not sufficiently enough," Chua told Bloomberg TV.
We expect a month-on-month core CPI at 0.435%. And then in the next couple of months, we will have a 0.4% month-on-month handle going into the June FOMC. So, we actually think the Fed’s going to hike two more times. We think the Fed’s not done until July. So we’re a little bit more hawkish," she said.
Chua also said recession is unfortunately the necessary by-product to bring inflation down towards 3%. "So therefore, we don’t expect the Fed to cut, maybe, until basically first quarter of 2024," she said.