The U.S. Consumer Price Index (CPI) report is due at 08:30 ET today and will influence the outcome of the FOMC meeting tomorrow.
April’s year-over-year CPI came in at 4.9%. May’s is forecasted to come in at 4.0%.
May’s year-over-year core CPI is forecasted to come in at 5.3%. This metric refers to CPI less volatile components, including food and fuel.
Currently, markets are 79% in favor of a rate hike “skip” following tomorrow’s FOMC meeting.
The current U.S. Fed Funds Rate is 5.00-5.25.
Fed Funds: (Source: CME)