From Professor Tim Duy writing at Bloomberg: The Fed Is Meeting in April to Talk About June

The Fed will stand pat this week. We know it, they know it. So what then will the Fed talk about[?]

The April meeting of the Federal Open Market Committee (FOMC) will be about the June meeting. Policymakers’ fundamental challenge is that the FOMC doesn’t want to rule out a June hike, but the markets already have.

Bottom Line: Look for the Fed to hold steady this meeting, but be aware it is probably not comfortable with the market’s assessment of potential rate hikes this year. It will likely want to increase the uncertainty surrounding the June meeting in particular. The improving financial situation gives it room to do so by moving to a balanced assessment of risks. …