Goldman Sachs Group Inc. /zigman2/quotes/209237603/composite GS +2.53% CEO David Solomon told analysts on Tuesday the bank expects inflationary pressure to increase in 2022. Inflation is persisting in many countries and major central banks are beginning to raise rates including the Bank of England last year, while the U.S. Federal Reserve is expected to boost rates four times in 2022. "Based on my experience, it makes sense that coming out of the recent period of easy monetary policy, inflation may be above-trend for some time," Solomon said. "In the near-term, inflationary pressures may continue to intensify before they start to decrease." He also expects to see more volatility amid interest rate hikes, which will likely have an impact on economic growth, asset prices and client activity. Goldman Shares are down 8.3% in recent trades.