The ARC Asset Management team discusses the upcoming Fed (FOMC) meeting, the rate hike (50 bps priced-in), longer-term inflation expectations that have continued to increase, and the associated risk of these expectations becoming unanchored. They discuss the Fed's need to slow the economy to moderate inflation, relieve the tightness in the labor market, as well as an update on the 1Q2022 earnings season in light of the challenging margin environment with wages and input costs increasing.