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Federal Reserve will hike rates three more times this year, pushing the interest rates to 2.25 percent – 2.5 percent by the year-end, according to latest Reuters poll.  

Key points

US core PCE inflation to average 1.9 percent – 2.1 percent in each quarter this year vs 1.9 percent – 2.0 percent forecasted in April poll.  

US GDP is seen averaging 2.8 percent this year and  2.5 percent in the next year.  

There is 15 percent probability of a recession in the US in next 12 months and 31 percent in the next two years.