Calling for Fed rate cuts in April, and three rate hikes by June! A trillion-dollar asset management giant completely reversed its stance within two months.

In April, it was still forecasting rate cuts, but by June, PGIM had done a complete about-face—now calling for three rate hikes. The asset manager, which oversees $1.4 trillion in assets, stated that the U.S. economy’s 'notably resilient' performance and persistent inflation demand a new approach. PGIM’s forecast stands alone on Wall Street: three rate hikes this year, followed by three cuts next year.

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