The Federal Open Market Committee (FOMC) begins its 2-day meeting today, Tuesday 26 July 2022.

Although the data releases in the US coming up today are all minor tier only, expectations for all of them are lower than the previous results (see pic below). While I doubt the FOMC will pay any heed at all to these releases the pattern of slowing growth is difficult to dismiss. Whether its rate hikes having an impact or other factors I’ll leave to the economists to discuss. But, the expected 75bp rate hike from the FOMC due on Wedneday may be the last one of that magnitude for a while. Depends on how inflation data comes in ahead I guess.