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Goldman raises inflation outlook, sees 11 rate hikes through 2023

Gasoline fuel prices above five dollars a gallon are displayed at a Shell gas station in the Chinatown neighborhood of Los Angeles, California, on February 17, 2022.
Patrick T. Fallon | AFP | Getty Images

Goldman Sachs has raised its expectations for both inflation and interest rate increases through the end of next year, saying it is "increasingly concerned" about the pace of inflation.