Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Wednesday, July 26, and I'm your host, Kim Kahn.

Our top story in today's session, Happy Fed Day.

As you heard earlier on the Wall Street Breakfast Podcast,

the FOMC result is baked in as far as the market is concerned.

Fed Funds futures price in a near certain chance they hike by 25 basis points this afternoon.

Looking down the road, there is a 40% chance of another hike. No cuts are expected until March.

Here's what Seeking Alpha's analysts are saying about the Fed.

Mike Zagardi sees a material risk of a six-handle upper bound on Fed funds if inflation rears its head in the coming weeks.

Currently, the terminal rate of 5.43% November, implying 5.3% money markets offers an attractive alternative to pricey stocks.

Logan Kane notes that credit is rapidly tightening, boosting the odds of a market correction where panic buyers turn into panic sellers,

real price discovery will likely come in autumn as volatility rises.

Christopher Rob is expecting more hawkish rhetoric for Fed Chief Jaypile today as he tries to wrangle a coalition amongst the uncertainty.

But he says economic data points to extraordinary resilience in the US consumer and the economy

suggesting a soft landing is increasingly likely.

According to Mott Capital, the Fed's biggest challenge now is how to rein in

financial conditions. They say the job is no longer about

bringing inflation down, it's about keeping it down and not allowing it to rise

again. So expect the FOMC to indicate one more hike after today and to say that they'll do more if needed.

And De Meir Togich makes the case for the Fed to hike past 6% and induce a deeper recession if it's serious about getting inflation down to the 2% target.

Now a look at today's trading.

Stocks are slightly lower but unsurprisingly cautious.

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