The markets are still in a holding pattern as investors expect the Federal Reserve to do another interest rate hike on Wednesday (the fastest rate-raising cycle in 40 years) and pause until the end of 2023. According to Cleveland Fed President Loretta Mester last April 20, 2023, "We are closer to the end of the tightening journey than the beginning," and how close to the end game will be the focus of their internal discussions as officials think their communications around the following policy actions can be as crucial as the individual changes as well.
