Fed decision looms

A slate of recent data suggesting easing inflation has investors riding a wave of optimism the Federal Reserve will be done hiking rates after its July meeting. The CME Group’s FedWatch Tool is showing a 98% likelihood policymakers will raise rates by a quarter percentage point at the conclusion of their Wednesday meeting. However, some market participants urge caution against the view the central bank is “one and done.”
″[Investors] should beware of becoming too optimistic that today will mark the end of the rate-hiking cycle, in our view,” UBS’ Solita Marcelli said in a Wednesday note.
Wall Street notched a winning day Tuesday. After eking out a gain just shy of 0.1%, the $Dow Jones Industrial Average(.DJI.US)$ clinched its 12th-straight winning session, a streak not seen for the blue-chip average since February 2017. The $S&P 500 Index(.SPX.US)$ and $Nasdaq Composite Index(.IXIC.US)$ finished about 0.3% and 0.6% higher, respectively.