US stocks declined on Wednesday as investors prepare for the Federal Reserve's interest rate decision and press conference led by Chairman Jerome Powell.
The Fed is expected to lift rates by 25 basis points after pausing at last month's meeting. The CME FedWatch Tool shows a 99% chance of a rate hike later today. Investors will look for guidance from Powell as to whether this will be the last increase of the cycle, or if more are likely later this year.
"While the CPI has cooled off to 3% on July 12th, we are still [above] the Fed's target level of 2%. This leads us to believe that the FOMC will continue to target optionality at each upcoming meeting based on where economic data prints in the coming weeks and months," Clear Street's director of repo trading Victor Masotti told Insider.
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