LONG USDJPY

in subsequent speeches, Federal Reserve Chair Jerome Powell noted that two more rate hikes are likely necessary this year. These hikes would allow the central bank to bring the inflation rate down to the current 2% target.

the CME FedWatch tool is suggesting an 88.7% chance of the Fed raising interest rates by 25 basis points (bps) during the next meeting set to be held on July 26 (THIS WAS RIGHT BEFORE FOMC). This probability has only been increasing since the last meeting, and over the past week, the possibility has risen by 7%.CME FedWatch Rate Hike Probability incresed to 91.1% the day After FOMC Minutes