Hopes for rate relief from the Federal Reserve that permeated the start of the year have largely faded, and two investment management giants have updated their projections to include a steep move in the other direction. 
Bank of America and PGIM, an arm of Prudential Financial, updated forecasts this month to include three rate hikes this year that they believe the central bank will need to tamp down inflation driven by the oil price shock brought on by the war in Iran.