It’s Fed Day. A Rate Hike Isn’t the Only Thing to Expect.

The Federal Reserve’s efforts to tame runaway inflation appear to be working, but there is still a long way to go.

Investors rejoiced on Tuesday, sending stocks higher after the release of a fifth-straight monthly consumer-inflation reading that showed diminishing price gains. Expect Fed Chairman Jerome Powell to temper the market’s enthusiasm, however, when he speaks on Wednesday after the conclusion of the Federal Open Market Committee’s two-day policy-setting meeting.