Jerome Powell could deliver a hawkish surprise on Wednesday even after effectively pre-announcing 50 basis-point interest-rate increases at the Federal Reserve’s meeting this week and in July. May’s red-hot inflation print hardened expectations the Fed would keep raising borrowing costs at that pace through September, with some investors betting the Fed chair will deliver a super-sized 75 basis-point move unless price pressures cool. Powell could reinforce that speculation during his post-meeting press conference by declining to take 75 basis points off the table – as he explicitly did last month by stating such a move wasn’t being actively considered – or by emphasising the need for nimble
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