Wall Street Is Preparing for Kevin Warsh’s First FOMC Meeting as Head of the Fed (opens in new tab)

The Federal Open Market Committee (FOMC) meets for the first time this week under new Federal Reserve chair Kevin Warsh. With the labor market looking solid but inflation jumping to a three-year high of 4.2% in May, a rate cut likely isn’t in the cards. As of Friday, CME FedWatch puts the probability of the Fed holding rates steady at nearly 99% for this meeting, and 92% for the one in July.