TD Securities strategists Oscar Munoz and Gennadiy Goldberg now expect the Federal Reserve (U.S. central bank) to begin a cycle of three interest-rate increases in September, followed by hikes in October and January. Their previous forecast called for the central bank to remain on hold for the rest of 2026. The change followed August CPI (consumer price index measuring inflation) data that came in above expectations and indicated limited progress on inflation. The strategists said the Fed may not offer forward guidance, but its dot plot could take a hawkish stance.