Fed likely to boost interest rates by 75 basis points on Wednesday

• Goldman expecting 75 basis point rate hikes in June and July, 50 basis points in September, and 25 basis point hikes in November and December

Wall Street is anticipating an even faster pace of interest rate hikes as US Federal Reserve is exploring the idea of a 75 basis point rate hike, CNBC reported.

The red hot inflation in all of four decades will push the central bank to raise interest rates more aggressively this year.

Changes in the economic outlook and running well ahead of the Fed’s 2% goal could influence a more significant rate move, which is expected to be announced after the two-day meeting that concludes Wednesday.