Morgan Stanley CEO says Fed to hike 4 times (by 25bps) in 2022

Bloomberg with report (gated):

• Fed will likely need to make “inexorable” rate increases in order to contain surging price pressures

And warned:

• “You have to raise rates, but you don’t want to tip the economy into recession,”
• “If you tip the economy into recession you get stagflation, that’s really bad.”

Gorman said a 50bp hike in March was ‘locked in’ but:

• “I’d be stunned if they do that because you can’t throw boldness on top of uncertainty.”

Well, yeah.