The Fed concludes its June meeting today. The Fed fund futures markets put the odds of the Fed hiking rates again at 99.6%.
This would mark the third rate hike by the Fed during this cycle.
Why would this matter?
Because it indicates the Fed is embarked on a serious tightening cycle. One rate hike can be a fluke. Two rate hikes could even be just policy error. But three rate hikes means the Fed is determined.
As Bank of America noted in a recent research note, when the Fed becomes determined to tighten… it usually ends in an “event.”
What would an "event" look like for today's market?
A Crash is coming...
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Chief Market Strategist
Phoenix Capital Research