The central bank is expected to hike interest rates by 0.75 percentage point on Wednesday.
The Federal Reserve is slated to wrap up its two-day meeting on Wednesday afternoon. Fed Chair Jerome Powell is expected to announce another 0.75 percentage point hike, as policy makers attempt to cool decades' high levels of inflation.Stocks and bond prices have rallied in the weeks leading up to Wednesday's expected rate hike, which could put markets at risk for a backslide if the Federal Reserve holds course.
"I think the Fed will be more hawkish than dovish. I think that people in the market are looking for them to pull back and slow down the hawkish nature of their general commentary, and I think this meeting they're going to be disappointed," said Eric Merlis, managing director, global markets at Citizens Financial.
"I understand why it's being priced in but, from a pure trading standpoint, you could see a big piece of that reverse today after the press conference," Merlis said.BlackRock's Rick Rieder said he anticipates the Federal Reserve will raise rates by 0.75 percentage point Wednesday and two more rate hikes may be in the cards before the central bank stops.
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