Markets anticipate rate hike ‘skip’ at FOMC meeting

Quick Take

• The U.S. Consumer Price Index (CPI) report is due at 08:30 ET today and will influence the outcome of the FOMC meeting tomorrow.
• April’s year-over-year CPI came in at 4.9%. May’s is forecasted to come in at 4.0%.
• May’s year-over-year core CPI is forecasted to come in at 5.3%. This metric refers to CPI less volatile components, including food and fuel.
• Currently, markets are 79% in favor of a rate hike “skip” following tomorrow’s FOMC meeting.
• The current U.S. Fed Funds Rate is 5.00-5.25.

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