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Earnings Train Rolls On as Market Awaits Fed's Rate Decision and Powell Remarks

Earnings Train Rolls On as Market Awaits Fed's Rate Decision and Powell Remarks

With inflation indicators hovering at elevated levels, the Fed is expected to remain on its path of boosting interest rates, as evidenced by the CME FedWatch Tool that sees a 75% chance of a 75-basis-point hike exiting today's meeting and a 51% chance for a 50-basis-point hike exiting its September meeting. Once again, Fed Chairman Jerome Powell will have his work cut out for him and odds are he's putting his speech writers to work as he communicates what's ahead for Fed policy without stoking fears the Fed will run the economy into the ground. Should the Fed telegraph that it remains full speed ahead on the inflation-fighting front, more than likely we will see some turbulence and air pockets in the last couple hours of trading this afternoon, which will give way to another barrage of quarterly earnings reports after the close, including those from American Water Works , Ford Motor and United Rentals .