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The Federal Reserve is unlikely to raise interest rates at its May meeting but, according to the CNBC Fed Survey, 86% of respondents say the central bank will do so in June.

Thirty-seven economists, fund managers, and strategists responded to the survey and were split over whether the Fed will hike an additional two or three times after June.

"Strong economic momentum and accelerating price and wage gains should lead to three more Fed rate hikes this year,'' Kathy Bostjancic, head of U.S. macro investor services at Oxford Economics USA, wrote in response to the survey.

The outlook for inflation also continues to rise. Year-over-year inflation is forecast to hit 2.45% this year, up from a 2.14% low forecast last July for 2018.

After a weak first quarter, respondents shaved their outlook a bit for 2018 GDP to 2.7% but raised it to 2.8% for next year. The probability of recession in the next 12 months remains low at 16.5%, though up a bit from earlier this year. Higher interest rates are viewed as the second biggest threat to the economic expansion, behind protectionism.

CNBC Fed Survey: 86 percent believe Fed hikes rates in June from CNBC.

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