That means trouble for investors who are hoping for rate cuts this year, the economist said.
Inflation will be slowing enough to allow the central bank to start reducing rates in 2024, the firm's economists said.
St. Louis Fed President James Bullard may have violated rules by speaking at a private event.
The bank said services spending is slowing and hot inflation has spurred consumers to pull back.
The bank's analysts said a 75 basis-point hike is also possible if inflation surges.
Inflation will eventually be in line with long-term expectations, White House officials said.
The bank’s new projection is up from a previous forecast of $750 billion.
Tens of thousands of job cuts announced by blue-chip companies in a 24-hour period are a warning sign for the recovery.
The gauge of current conditions dropped 3.9 points to 84.2.
The decline in applications is an early sign suggesting home sales will slow.
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