Wall Street Pushes Back China Rate-Cut Calls After Oil Shock

Some of the biggest US banks raised their projections for China’s inflation this year and pushed back predictions for its next interest-rate cut, as the escalating conflict in Iran sends oil prices higher.

Bank of America Corp. joined other Wall Street giants like Citigroup Inc. and Goldman Sachs Group Inc. in expecting a faster increase in consumer and producer prices this year than predicted previously, according to a report published Monday.