>""Our worst fears around the Fed have been confirmed: they fell way behind the curve and are now playing a dangerous game of catch up," Ethan Harris, global economist at BofAS wrote, adding that the firm expects the Fed to hike interest rates to "above 4%." They see the risk of a recession for this year as low. The Fed on Wednesday approved its largest interest rate increase in more than a quarter of a century to stem a surge in inflation."