Stocks resumed their descent, on track for a fourth straight losing week despite oil falling on U.S. efforts to re-open the strait. Treasury yields rose as rate cut odds dried up.
Investors' eyes are still locked on the Middle East conflict as surging oil prices weigh on markets. FedEx, Alibaba, and Accenture earnings are on deck.
The federal funds rate will remain 3.5% to 3.75%. The 'dot plot' still projects a single rate cut this year, and the Fed sees slightly stronger economic growth and inflation.
A properly functioning Strait of Hormuz holds the keys to clarity around the growth, inflation, and market shock that has stemmed from the war in the Middle East.
The Fed is seen keeping rates paused at its meeting today, but investors await key economic and rate projections. PPI and crude are front and center early with inflation fears up.
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