It's way too early for the Fed to be steering market expectations ahead of the Sept 21 FOMC but because of the leak ahead of the June meeting, everything that the WSJ's Nick Timiraos writes is essential reading.
His latest is titled 'Fed likely to want further evidence of inflation slowdown' and says it:
"Keeps the Fed’s door open to a half-point rate increase in September if subsequent data confirm price pressures are easing. But a 0.75-point rise remains possible."
The implied odds of a 75 bps hike fell as low as 30% after today's CPI data but have creeped back up to 41%, including some small gains after this report.
