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Goldman Sachs Vice Chairman Kaplan stated that if inflation continues to remain high, the Federal Reserve may raise interest rates as early as September, often in a series of two or three hikes. Kevin Walsh, the chairman of the Federal Reserve, suggested that the focus should be on fighting inflation. The market turned to hawkish, and traders sold short-term treasury bond bonds. Half of the members of the Federal Reserve expect to raise interest rates before the end of the year. Kaplan believes that if inflation remains stubborn and monetary policy remains too loose.