Bank of America Global Research previews the June FOMC meeting on Wednesday.

"Statement: FOMC expected to keep the policy rate at 3.5-3.75% in June and remove the easing bias from its statement. We don't anticipate any dissents. SEP: higher inflation, lower u-rate, no '26 cuts in median, but a few additional hike dots.

Press conf: Warsh will likely lean dovish in the presser, arguing: i) supply shocks are one-offs, ii) the Fed should be forward looking on AI disinflation, iii) trimmed-mean PCE and wage inflation don't look problematic," BofA notes.

"US rates: A data-dependent, centrist Warsh likely reads hawkish; stay paid 2y rates

USD: 2-way risks. Bigger up-move on hawkish presser, but more likely he reiterates previous bias towards lower rates," BofA adds.