Fed Hints at Rate Hike as July Decision Looms

The Federal Reserve's July rate announcement is highly anticipated, and it has been speculated that the central bank may consider a 25-basis-point rate hike to curb elevated inflation. According to CME FedWatch, there is a 33.7% chance of a 25-basis-point rate hike today, but only a 19.4% chance that the Fed funds rate will remain where it is after the September meeting.

Fed Chair Kevin Warsh expects a 'good family fight' among FOMC members as they try to come to a decision. The central bank's decision is expected at 2 p.m., and reaction from brokers and economists will follow afterwards, with Warsh providing additional comments at 2:30 p.m.