Will the FOMC raise the federal funds target range by 50bp or more cumulatively after June 17, 2026?

The current federal funds target range is 3.50 to 3.75 percent, held steady since June 17, 2026, and the June 2026 Summary of Economic Projections shows a median year-end 2026 funds rate of 3.8 percent, with nine of eighteen participants projecting a rate above the current range. Given that the Fed has erased its prior bias towards cutting rates and is under the leadership of Kevin Warsh, who may advocate for a more hawkish stance amidst inflationary pressures, it seems likely that a cumulative increase of 50 basis points or more could occur before the end of the year.