• If data keep pointing to hot economy and inflation, “we likely continue to price out any remaining rate cuts,” AmeriVet’s Gregory Faranello says in a note. “And then a stronger dialogue of the next move needing to be higher.”

(Dow Jones) — 0904 ET – Investors keep pricing a maximum of two interest rate cuts this year by the Fed, starting in September, according to CME data, but U.S. economic indicators could still change their bets. If data keep pointing to hot economy and inflation, “we likely continue to price out any remaining rate cuts,” AmeriVet’s Gregory Faranello says in a note. “And then a stronger dialogue of the next move needing to be higher.” Today, housing data was cooler than expected. Industrial production is due at 9:15 am E.T.