Fed Rate Path - June Hike Probability

Looking at the current fed funds futures, the market is pricing in a non-trivial chance of another 25bp hike in June. With recent CPI prints still sticky, and core inflation not showing a clear deceleration, I'd put the probability of another hike at around 60%. The Fed has been pretty clear about being data-dependent, and if the labor market holds up and core PCE remains elevated, they might just go for it, despite some of the recent banking sector jitters.