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Story summary
- The Federal Reserve (Fed) is expected to keep interest rates unchanged at its upcoming FOMC meeting.
- Markets price in at least one additional rate hike before the end of 2026.
- The Fed's PCE inflation gauge rose to 3.9% in May 2026 after falling to 2.2% in late 2024.
- President Donald Trump has attacked Fed independence, probing Chair Jerome Powell and seeking to remove Governor Lisa Cook.