[Santander raised its expectations for the Federal Reserve to raise interest rates, expecting to raise interest rates by 25 basis points each in December and March next year] On November 14, Santander’s chief U.S. economist Stephen Stanley raised his expectations for the Federal Reserve to raise interest rates, citing intensifying inflationary pressures. He adjusted his forecast for the Fed's policy to raise interest rates by 25 basis points each in December and March next year. He had previously expected to raise interest rates only in December and would not take action in 2027. Stanley said in a report that the revised forecast is based on a strong economy, expanding inflationary pressures, the Fed's assessment of the neutral policy stance appears to have risen from about 3.5%, and recent comments by Fed officials that increasingly talk about the transmission of input costs to prices will soon give an upward push to inflation. Stanley predicts that the Fed "will maintain a pace of action every other meeting" as long as tightening is still necessary. "If the economy continues to show signs of overheating and/or core inflation remains at or above 3% well into next year, we could see a fourth rate hike in June," he wrote. "My current view is that things will ease to some extent by the spring," he added.