Current rate is 2.25%-2.50%
The latest Fed statement will be released alongside new economic projections (SMP), dot plot and there will be a press conference 30 minutes after the release.
In general, the trade on the FOMC is to fade the move on the statement in the time between its release and the press conference, then closing it before Powell speaks. The timing is the tricky part.
In terms of the statement, the headline will be whether or not 'patient' is removed from the statement. I believe the market is pricing in a 95% chance that it will be. That will be a signal that July is on the table but the market will want more of a hint then that in the statement or from Powell.
