The FOMC statement from the June 14-15, 2022 meeting is out along with the updated economic forecasts. The market was pricing in an 87% chance of a 75 basis point hike with the remainder on 50 bps. Out the Fed funds futures curve, the terminal top was in May 2023 at 3.982% with a path of 75/75/50/50 priced in for the next four meetings, including today.

Federal Reserve Chairman Jerome Powell will host a press conference at the bottom of the hour at 2:30 pm ET.