Wednesday is a key day for Wall Street. May's Consumer Price Index (CPI) will be released, and the Federal Reserve will announce its latest interest rate decision. John Hancock Investment Management co-chief investment strategist Matt Miskin joins Morning Brief to discuss the state of inflation and the Fed's next moves.

Miskin explains that CPI days usually bring market volatility, which he expects on Wednesday. He notes that inflation data shows strength in the housing market, as it makes up nearly two-thirds of the CPI data. He adds that in the current economic backdrop, there may be one or even no rate cuts this year, which markets will not be happy about.

"If the Fed isn't going to be as supportive, we think that could create volatility over the week. We're looking for a stronger dollar, a flattening of the yield curve, and maybe actually a risk-off bid in markets over the course of the week," Miskin tells Yahoo Finance.

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This post was written by Melanie Riehl