Citi: Fed expected to raise interest rates by 50 basis points in March The Financial Associated Press, February 11, Citi economist Andrew Hollenhorst wrote in a report that details of the core CPI in January showed that inflation continued to spread around 6% and spread more broadly, rather than slowing down as the Fed predicted. He said the Fed is expected to raise rates by 50 basis points in March, followed by 25 basis points on four hikes in May, June, September and December (a total of 150 basis points in 2022). Three additional rate hikes are expected in 2023.