The two-day Federal Reserve meeting will conclude with a rate announcement on May 4. The market has fully priced in a 50 basis points hike for May and at least another five to six 25-point hikes are expected before the end of year. Chairman Jerome Powell is likely to keep a cautiously hawkish posture during the press conference without any solid macro reason for a policy change. BTIG notes that the actual policy moves at the meeting will not be a big surprise with them being telegraphed in advance. The biggest drama seen is how Powell might respond to questions on a 75-point hike in a rip-the-Bandaid-off move down the road.