The FOMC meets on Tuesday and Wednesday of the June 10 week. The FOMC statement released at 14:00 ET on Wednesday will get a close read for any guidance in regard to the interest rate outlook. However, it is the summary of economic projections (SEP) that may be more informative. Markets will be looking for hints about any changes in the FOMC forecasts that will shape expectations for moves in the fed funds rate. The prior SEP was issued on March 20 and implied three rate cuts of 25 basis points later in 2024. Shortly after that, the data on inflation, the labor market, and economic growth made that projection ... (full story)