'U.S. hasn't seen the worst of inflation' -investment banker

STORY: The U.S. Labor Department is expected to release its May CPI report on Friday. Analysts expect annual headline growth to hold firm at a blistering 8.3%, and core CPI growth to ease to 5.9% - still above wage growth.

The Federal Reserve has vowed to aggressively hike the Fed funds target rate in an effort to dampen demand, thereby bringing inflation back down to earth.