100 basis-point rate hike by Fed? Not 'prudent', says CIO

STORY: Schein added, "We don't believe that 100 basis points is prudent at this time, simply because if you take the rate hikes that we've started, essentially, in March, we're close to pushing 400 basis points between now and year-end if the Fed continues on this current trajectory."

The U.S. central bank is widely expected to hike rates by 75 basis points for the third straight time at the end of its policy meeting on Wednesday, with markets also pricing in a 17% chance of a 100 bps increase.