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Expect the Federal Reserve to raise interest rates in the second half of this year, and perhaps several times.

That’s what Bank of America said in a note Monday, predicting a trio of quarter-point raises by year’s end. That would raise the benchmark rate from 3.5%-3.75% to 4.25%-4.5% if it comes to fruition.

Behind the prediction: U.S. inflation, which trickled down from 9.1% in June 2022 to consecutive months of 2.4% to start 2026, has risen for three consecutive months, reaching 4.2% in May.

Meanwhile, Kevin Warsh took over for Jerome Powell (2018-2026). But at last week’s Federal Open Market Committee meeting, he gave “surprisingly hawkish remarks,” Fortune reported, “prompting analysts to change their view.”

Half of the policymakers also predicted rate hikes.

Bank of America predicted hikes in September, October and December. It also predicted inflation back down to 2.5% -- but not until the end of 2027.

“The Fed’s inflation problem has gotten unambiguously worse,” Bank of America said. “Housing-driven disinflation has now mostly run its course, while other core services remain very sticky.”

Slowing job growth, cooling inflation or a tumbling stock market are some of the most likely reasons that could develop to prove Bank of America’s predictions wrong, Fortune speculated.

If the Fed does raise rates, it puts even more of an emphasis on paying off high-interest credit card debt, as credit card interest rates tend to rise along with the Fed rate.

It also potentially makes CDs and high-yield savings accounts slightly more attractive.

Auto loans and mortgages could see a bit of a rise if the Fed does raise rates multiple times in the coming months.

Clark also says that Series I savings bonds have become a pretty decent deal again with inflation bouncing back.

Believe it or not, Clark had a whole career before he ever started talking about money. Fifty years ago, Clark founded an alternative school called Career Action for adults who were struggling to find their path after high school. The program was intense, with long days, strict standards, and a focus on preparing students for the workplace. It was successful for decades—but here's what's remarkable: virtually every job skill that was taught eventually became obsolete. The lesson is one that's more important than ever today: you can't stay static. Also, Clark explains why extended warranties are usually a bad deal for consumers. Whether it's electronics, smartphones, appliances, or cars, the math overwhelmingly favors the companies selling the coverage. Clark shares what you need to know about smartphone insurance, home warranties, and extended auto warranties—and the one exception if you're determined to buy coverage for your vehicle.

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.