nashville tenn former federal reserve vice chairman roger ferguson says the us central bank will continue to hike rates multiple times this year but at a slower pace and that the economy is headed to a recession expecting more tightening ferguson said during the annual mortgage bankers association conference in nashville tenn on tuesday ferguson expects a 75basispoint hike at the nov 12 policy meeting then 50 basis points in december and perhaps 25 basis points early next year “i fear that if i’m wrong it’s because i’ve underestimated how much more they have to do” he added “at the end of the day we’re likely to see a shortened shallow recession at the end of next year” ferguson said “not upbeat but i’m here to be honest with you” ferguson also said that he expects the 10year treasury yield to go up to 5 and only come off from that level very slowly the 10year tmubmusd10y is currently trading just above 4 and if “the next cpi report is really high” then there may be fed officials who may want to push rates even higher got thoughts on the housing market write to marketwatch reporter aarthi swaminathan at aarthimarketwatchcom