Nomura has revised their FOMC rate hike call, +100bps (from +75) coming in July

Nomura citing the blockbuster inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term report, of course:

• US June CPI +9.1% y/y vs +8.6% expected

Nomura say it's a close call:

"The Fed’s inflation problem has worsened, and we expect policymakers to react by scaling up the pace of rate hikes to reinforce their credibility.”

Fed officials are already laying the groundwork too:

• Fed's Bostic: Asked about 100 bps hike says 'everything is in play'
• Fed's Barkin: CPI report "certainly makes the case even stronger" to fight inflation

All the Fed need to do is look north, BoC showing how to do it:

• Bank of Canada hikes rates 100 bps vs 75 bps expected

The Fed blackout period begins July 16. They've got a few days to signal +100bp to markets. Of course, they could always leak it like they did the last time.

The FOMC announcement is on July 27.