The Federal Reserve (Fed) is widely expected to hike rates for the second time
in 2018 at the conclusion of its two-day policy meeting on Wednesday, June 13.   Given that the hike is all but priced in, the hike itself would mean little to markets. 

Instead, Fed watchers will be looking at any meaningful changes in the policy
statement, a new set of economic projections, and Chair Jay Powell’s post-meeting
press conference to gauge any changes to the future path of interest rates.
This morning the CPI(Consumer Price Index)numbers came in a little hot.  CPI is now at 2.8% while Core CPI is at 2.1%.  The Fed target rates for both is 2%.  More importantly, the Fed’s favorite inflation gauge is the PCE(Personal Consumption Expenditures)which remains below 2%.  Currently at 1.8%. 
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Hat tip LPLResearch/Ryan Detrick