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Fednesday Preview: More Work to Do

The big day is upon us, and the Fed is likely to hike by 25 bps. Something the market widely expects. What will be key here, in my view, is how the statement and particularly Chair Powell articulate what the Fed's view is of future policy. I suspect that they will leave the door ajar for future rate hikes based on the data.

Curiously enough, beneficial base effects that were helping year-over-year inflation readings come in lower are set to roll off starting in July, which has also been a month where energy, agriculture, services, and other costs have risen.

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