(Bloomberg) -- The Federal Reserve’s hawkish pivot to tackle high inflation could see them raise interest rates at every meeting this year, according to economists at Bank of America Corp.

“We now look for seven 25 basis points hikes this year and a peak funds rate of 2.75%-3.00%,” the economists, led by Ethan Harris, wrote in a note Friday to clients. “This should affect the economy with a lag, weighing on 2023 growth.”

Fed Chair Jerome Powell on Wednesday said that officials were ready to raise rates in March and he left the door open to moving at every meeting if needed to curb the highest inflation in 40 years. “There’s a risk that the high inflation we’re seeing will be prolonged, there’s a risk that it will move even higher. We have to be in a position with our monetary policy to address all of those plausible outcomes,” Powell said.

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