The FOMC began its policy meeting yesterday and will announce its decision at 18:00 GMT Wednesday. A 75 bp hike is widely expected. Chair Powell will follow 30 minutes later with his press conference. The focus will be on Powell for guidance. Expectations are for him to reiterate the Fed’s “strong commitment” to the 2% inflation target and to indicate further rate hikes are likely to be appropriate, but without giving any insight on the size. The markets are betting on a 50 bp increase in September given the signs of softening in growth and inflation.
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