Federal Reserve meeting minutes due Wednesday are expected to show a 'family fight' over interest rates, with history suggesting the central bank rarely makes just one rate move. At the June 16-17 meeting, officials indicated one hike this year to address persistent inflation, but former St. Louis Fed President Jim Bullard noted the committee tends to move in cycles, not one-off adjustments. The minutes from Chairman Kevin Warsh's first meeting may offer fewer clues, as strategists expect less detailed communication on internal debates. Markets are pricing in a hike as early as September, while Bank of America now forecasts three quarter-point hikes by year-end.
Bank of America CorpBank of America forecasts three quarter-point rate hikes by year-end, which could boost net interest income.
CME Group Inc