(Dow Jones)–FOMC minutes to be released at 2 pm ET are expected to support the prospect of a long fight against inflation. Investors broadly expect the Fed to keep the 25-basis point pace of rate increases, taking the fed funds rate to a 5.25%-5.5% range. AmeriVet’s Gregory Faranello says in a report he is “most curious about the decision to move down to 25-basis points increments (which we favored) and flexibility to move back up…One should assume a move back toward higher increments implies a higher terminal” rate, he says, adding that “6% becomes plausible.” The 10-year yield is at 3.945% and the two-year at 4.687%.

By: Paulo Trevisani (paulo.trevisani@wsj.com; @ptrevisani)