CME Fedwatch shows a 67.4% chance of a rate hike in June, up from a week ago.

This is despite weakening economic reports today including flat consumer spending, negative consumer spending revisions, and falling prices (if one accepts the PCE price index) which the Fed does.

for March consumer spending was a modest 0.1%, yet despite a negative revision in February from 0.1% to 0.00%, consumer spending could not meet the estimate.

Highlights

Based on the consumer and based on inflation, FOMC members won't be feeling much pressure to raise rates at least not any time soon. Consumer spending was unchanged in March, even weaker than Econoday's 0.1 percent consensus. More startling is the weakest showing in 16-1/2 years for core PCE prices which fell 0.1 percent to take down the year-on-year rate by a sizable 2 tenths to 1.6 percent.