Fed funds futures pricing suggests a 99% likelihood that the central bank will hold steady on policy, keeping its target rate range at 5.25% to 5.5%.
Though policymakers are expected to skip a rate hike Wednesday, investors shouldn't bet on the Federal Reserve ending its policy-tightening campaign, said Jeffrey Lacker, former president of the Richmond Fed. 'There's nothing in it for him to take interest rate hikes off the table and signal a definitive pause for a long time,' he said on CNBC's 'Squawk on the Street.
' 'He's going to keep them on the table. They're still far from getting done bringing inflation under control.' Lacker noted that wage rate gains don't seem to be coming down in a material fashion and that recession risks have receded in the past six to 12 months. 'It looks like 3.5% or 4% is right around where inflation is now, so we have a ways to go is the point,' he said.
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