[Commonwealth Bank of Australia: Fed Expected to Begin Rate Hikes in December] Jin10 News, May 15 – Commonwealth Bank of Australia foreign exchange strategist Carol Kong stated: 'This week’s inflation data will certainly not be welcomed by FOMC officials, including the incoming Federal Reserve Chair, Waller.' On Wednesday, the U.S. Senate approved Waller to serve as the Federal Reserve Chair. The 56-year-old lawyer and financier will take the helm of the Fed. Kong also said: 'We expect the FOMC will have to begin a rate hike cycle starting this December. Currently, we anticipate this cycle will include three rate hikes.'