BofA: Fed may hike twice more in 2026, but 75 bps may not be enough

• —BofA expects Fed rate hikes in October and December 2026
• —Inflation has held near 2.5% for several quarters, with the 2% target unmet for 5.5 years
• —16 of 18 FOMC members expect at least one hike by year-end
• —CME FedWatch: odds of a hike on October 28 at 55.4%, and by December 9 at 89.6%