On Wednesday, June 12, traders will have to digest both the May Consumer Price Index report and the Federal Reserve's latest decision on interest rates.

Given the Fed is focused on bringing inflation down to its 2% target, Deutsche Bank Securities Senior US Economist Brett Ryan says having both announcements on the same day "does add uncertainty into expectations for this report." Ryan expects the Fed will stay on hold, but "it's really going to be about the Summary of Economic Projections and how many rate cuts they take out based on the latest data."

Watch the video above to hear what Ryan expects the Fed to say on Wednesday.

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This post was written by Stephanie Mikulich.