QQD - June FOMC Preview: What To Expect When You're Expecting... Aggressive Fed Rate Hikes

• Consumer price inflation is sharply overshooting the Fed’s 2% inflation target — with the drivers of that inflation broadening to stickier categories like shelter and service prices this year.
• Of the three options for September — pause, slow down to 25 bps hikes, or continue with supersized hikes — a pause in September seems like the least probable outcome here.
• Against a backdrop of elevated macroeconomic uncertainty, we think current portfolio positioning should be aligned to an institution’s strategic asset allocation.

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