While the price action and breadth are good, it isn't at all meaningful in front of the Fed decision. Current expectations are that the Fed is going to rise by 0.75%. An increasing number of market participants have been rooting for a more aggressive Fed mainly because they don't have the patience for a more incremental approach. Everyone wants to get these hikes over with, but the Fed moves slowly because monetary policy takes time to work, and they don't want to overshoot. If inflation does not show some signs of cooling soon, the market is going to be very unhappy with the Fed's timidity.

Source: Washington Post June 15, 2022 21:38 UTC