The Federal Reserve must seize the opportunity Wednesday to reconcile the difference between its past statements and the market's expectation about where interest rates will be by year's end, JPMorgan Private Bank Chief Investment Strategist Philip Guarco said.
Members of the Federal Reserve have previously indicated they may raise interest rates as many as four times this year, but fed funds future markets show investors are not buying it.
The Federal Open Market Committee concludes its two-day meeting Wednesday afternoon, with a statement scheduled to be released at 2 p.m. ET, but no press conference to follow.
"They have to make a reconciliation here because the market is saying one hike, and they're still saying four hikes, so they really have to kind of close that gap," Guarco told CNBC's "Squawk Box."