Analyst
All focus will be on the conclusion of the Federal Reserve’s interest rate-setting committee’s June meeting on Wednesday as a strong consumer inflation report eliminates all doubts of dovishness in the stance of the Fed.
The FOMC is all but guaranteed to raise its Federal Fund Rate target by 50 basis points and provide an update on its projections for economic growth, unemployment rate, and inflation.
The FOMC had to take a sharp bend from their earlier description of inflation as transitory after successive months of growth in CPI confirms otherwise. This has forced the bank to become hawkish to protect the economy from an expansionary burst.
It will be interesting if Powell could provide further insight into the plans of the Bank to control inflation by providing new estimates of how high benchmark interest rates may go.
Given the general sentiment of the market and the expectation of participants, the strength we have seen the Greenback enjoy in recent weeks is expected to continue and I envisaged the current weakness in the stock market to continue as the Fed aggressively mop up excess liquidity from the economy.
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