More Fed hikes on the horizon? Here's what you need to know

• Former President Trump has announced a 'committee of inquiry' to investigate Fed Governor Lisa Cook, which is viewed by some as a politically motivated attack on the Fed's independence.
• The Federal Reserve remains hawkish, with some officials suggesting more rate hikes are necessary to combat inflation, especially as public inflation expectations are rising due to factors like gas prices.
• Despite the hawkish rhetoric, the market currently assigns only a 20% probability to an October rate hike, indicating a potential disconnect or a desire for more data before further action.

The discussion covers former President Trump's announcement of an inquiry into Federal Reserve Governor Lisa Cook, which is seen as a political attack on the Fed's independence. Concurrently, the Fed maintains a hawkish stance with some members advocating for more rate hikes, driven by rising inflation expectations, despite low market odds for an October hike.