Institution: Data-driven Monetary Policy Actions Expected from the Federal Reserve

He said: "Against this backdrop, inflation risk is now largely the main concern of the Federal Open Market Committee, and the core Personal Consumption Expenditures Price Index data expected next week will likely show a year-on-year price increase at a high level of 3.4%." Dowding stated that there will be another release of this data series before the Fed's July meeting, and if the data rises again, it could serve as an excuse for a rate hike in July. "However, this seems unlikely, as oil prices have retreated this month against the backdrop of a preliminary peace agreement with Iran."