Wednesday's trading: 5 Things to know

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Here are the key events taking place on Wednesday that could impact trading.

FED DECISION: The Federal Reserve is expected to ratchet up its fight on inflation Wednesday afternoon with the first 75-basis point rate hike in close to three decades. With inflation unexpectedly accelerating to a fresh 40-year high in May, the Fed is under mounting pressure to move more aggressively to cool demand and slow surging consumer prices. That move would lift the Funds rate to a range of 1.50%-1.75%.  

US Federal Reserve Chairman Jerome Powell (Photo by AL DRAGO/AFP via Getty Images  |  istock / Getty Images)

RETAIL SALES: The Commerce Department reports retail sales for May.  Economists surveyed by Refinitiv anticipate consumer spending to rise 0.2% month-over-month, well below April’s 0.9% increase. Excluding the automotive component, spending is seen rising 0.8% in May, up from 0.6% the prior month.

FED EXPECTED TO INTENSIFY INFLATION FIGHT WITH 75-BASIS POINT RATE HIKE

A cashier hands a customer back change after a transaction at a Target Corp. store in Colma, California. (Photographer: David Paul Morris/Bloomberg via Getty Images / Getty Images)

INFLATION REPORT: Watch for import and export prices for May. Prices of imported goods likely rose 1.1% month-over-month after being unchanged in April. Note that a 2.9% surge in March was the biggest increase in 11 years. Export prices to rise by 1.3% in May, more than double April’s 0.6% rise.

INFLATION TIMELINE: MAPPING THE BIDEN ADMIN'S RESPONSE TO RAPID PRICE GROWTH 

HOUSING INDUSTRY: The National Association of Homebuilders is out with its sentiment index for June. It’s anticipated to slip for a sixth consecutive month to a reading of 68, the lowest since July 2020. It would signal that just over two-thirds of NAHB members regard business conditions as good, but rising borrowing costs, input prices and inventories are weighing on the mood of homebuilders.

RECORD HIGH GAS PRICES: WEST VIRGINIA, MONTANA, COLORADO SEE BIGGEST WEEKLY JUMPS

OIL INVENTORIES: The Department of Energy will release its inventory report for last week. Crude stockpiles are expected to fall by just over 1.3 million barrels, following a surprise build of more than 2 million barrels the previous week. Watch for builds of just over 1 million barrels in gasoline inventories. 

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