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On the markets' Federal Reserve expectations: As the Fed begins its two-day FOMC meeting, culminating tomorrow in an interest rate decision and the release of updated quarterly projections, markets expect that a rate hike (currently priced at a 92% probability) will not be a "one-and-done." Rather, market pricing suggests that it will be part of a tightening cycle, with another hike expected before year-end and at least one more in the first half of 2027. (Bloomberg table below.) #economy #federalreserve #markets