The Fed is widely expected to raise interest rates by another three-quarters of a point Wednesday, and it may also surprise markets by sounding more hawkish.
The Fed could provide fresh commentary on the economy, which it may acknowledge is slowing.
"I think it's going to be a mixed bag. He's going to be talking ahead of what could be another quarter of real GDP decline," Reinhart said. Even so, some traders are betting the Fed will ultimately cause a recession with its aggressive policy tightening. Powell is expected to reinforce the Fed's rate hiking trajectory, and that could sound hawkish.
"Major problem: inflation is not coming down," said Caron."They're not going to really tell you this but that's the problem." He added, the Fed will not be deterred by falling asset prices as rates rise.
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