Economic data 'will come in worse' than Fed forecasts -investment banker

STORY: "The Fed has been wrong, so much, in the last two years - really, the last five years. But, kept rates too low for too long, thought [inflation] was transitory, so, I'm not sure they have the real credibility, at this point," Swenson told Reuters.

New York Federal Reserve President John Williams on Monday told the New York Economic Club that he believes the U.S. central bank will need to raise interest rates over coming months but reckons a rate cut is possible in 2024 as inflation pressures ease.

Williams said recession is not part of his baseline forecast, though he acknowledged risks to the downside.