Wall Street traders refrained from making any big bets ahead of the Federal Reserve decision as they waited to see whether Jerome Powell will throw cold water on interest-rate hopes.
Growth and inflation forecasts are likely to be raised, reflecting the current macro backdrop of sticky inflation and a resilient economy and labor market. However, it’s the “dot plot” that will command the most attention — and we see risks of a hawkish shift.Investors will be particularly attuned for anything from Powell that indicates he has shifted his read on the trajectory of inflation since his ‘not far’ Congressional testimony.
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