Everyone is looking for the Fed to raise rates again this week, most likely by 75 basis points (0.75%). But that's not the real way to kill inflation this time around, because the real problem is the enormous amount of liquidity still out there. On this front the Fed has done nearly nothing: its balance sheet is still very near $9 trillion, up from $4 trillion just before the pandemic.
I've been hoping to see some serious reduction week to week, but.. nothing. My expectation is that the Fed will eventually (soon?) throw in the towel and start removing liquidity in earnest, just like it finally admitted that inflation is for real and started raising rates.
The effects on all markets will be substantial. To put it mildly.