Expect two rate hikes this year or early next year, says Roger Ferguson

Summary

Former Fed Vice Chair Roger Ferguson forecasts two more rate hikes by early next year, citing sticky inflation and Fed credibility. He also discusses the CEO confidence survey showing cautious optimism and comments briefly on Alphabet's AI leadership changes while expressing confidence in the company.

• Ferguson expects two Fed rate hikes this year or early next year due to persistent inflation and oil prices.
• He believes the Fed wants to preserve credibility and sees inflation not yet safely back to 2%.
• CEO confidence survey shows a slight uptick, described as cautious optimism; capex unchanged.
• Cybersecurity top risk, AI edging out geopolitics as second-highest risk among CEOs.
• Ferguson, an Alphabet board member, declined detailed comment on leadership changes but expressed comfort and confidence in the company's future.
• Fed communication and transparency discussed, along with Fed-Treasury interaction rules.