The Fed's rate-setting meeting begins today and is likely to announce details of balance sheet reduction in May

The Federal Reserve is expected to unveil more details on how it will shrink its $9 trillion balance sheet at a two-day closed-door meeting starting today, according to Coindesk. This follows interim Fed Chairman Jerome Powell's comments at an ImF-hosted panel discussion in April that the Federal Open Market Committee was considering raising rates by 50 basis points (0.5 percentage points) in May. Traders are pricing in a 98.7 percent chance of a Fed rate hike in May of "75 to 100 basis points," according to the latest cME FedWatch data.