Wall Street Subdued Ahead of Expected 50-Basis-Point Fed Rate Hike While Powell Waits in the Wings The FOMC meeting wraps up with a rate decision and economic projections at 2 p.m. ET today. The CME FedWatch Tool projects a 79% chance of a 50-basis-point rate hike and a 21% chance of a 75-basis point rate hike. The chance of a 50-point hike—which would bring the Fed’s target rate to a range of 4.25% to 4.5%—rose after yesterday’s cooler-than-expected Consumer Price Index (CPI) data. Shortly after the rate announcement, Powell will hold his press conference, and that’s when investors should beware. Powell has been a buzzkill for Wall Street lately, specifically after the last Fed meeting on November 2. On that occasion, stocks posted a slight gain following the Fed’s 75-basis-point rate hike but quickly gave ground and finished down 2.5% as Powell’s hawkish tone slammed the door on optimism. You can watch it all on BenzingaTV on Youtube. Follow @benzinga 📈📉🤷‍♂️ . . . . . . . . #mon...