TD Securities has changed its Federal Reserve forecast after August consumer price index (CPI) data exceeded expectations. The firm previously expected rates to remain stable through the rest of 2026 but now projects three hikes, starting in September and followed by moves in October and January 2027. Strategists Oscar Munoz and Gennadiy Goldberg said the Fed may offer limited guidance after its meeting, while its dot plot (officials’ rate projections) could point to a hawkish outlook. The revision reflects concerns that progress in reducing inflation has stalled and that near-term tightening expectations have strengthened.