The Federal Reserve concluded this month’s FOMC meeting and as expected the Fed raised its terminal rate by ¼%. This takes the Fed benchmark rate to between 5% and 5 ¼%.

With the FOMC meeting to conclude tomorrow the Federal Reserve will most likely announce a ¼% rate hike and attention has shifted away from the Fed as market participants focus on other potential calamities within the financial markets.

In a letter to House Speaker Kevin McCarthy as well as other bipartisan leaders Treasury Secretary Janet Yellen said that the United States could breach its debt ceiling as soon as June 1.