However, a surprise lift by the Bank of Canada on Wednesday ― a day after Australia lifted rates to an 11-year high ― dealt a blow to those hopes and reminded investors that more work was still needed to fight still-too-high inflation.
The Fed's June 14 decision comes just after the release of figures on the consumer price index, which could play a major part in policymakers' thoughts, with the board still split on whether or not to pause.
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