Bloomberg Surveillance · Wednesday, September 16, 2026
Jan Hatzius of Goldman Sachs suggests that the Federal Reserve may only implement one rate hike. He believes that while there's a near-term inflationary impulse from AI and infrastructure, longer-term disinflationary pressures will emerge next year. Hatzius argues that the recent shift in the market from pricing in rate cuts to hikes has already accounted for yield changes.
“So if you perhaps looked at the Fed chair's view of inflation, he would share what many people say about the near term inflationary impulse that comes from the AI and the infrastructure build out, all this kind of stuff. But his view would be that in the longer run, and this is going into next year, you start to get some of the disinflationary pressures coming through.”
“So I could see one hike and then next year we could be back into the easing mode.”