Beginning tomorrow, the Federal Reserve will begin its FOMC meeting for June, which will conclude on Wednesday. Following the conclusion, the Federal Reserve will release a statement, which a press conference will follow by Chairman Jerome Powell.

The most recent consumer price index data, which was released yesterday, indicated that the annualized inflation rate is now at 5%. This is the highest level of inflation since the recession following the banking crisis in 2008.

As many economists had forecasted a big uptick in inflationary pressures, on this occasion they got it right.