Investors have priced in a near-certainty that the Fed will raise benchmark rates by 25 basis points at the end of its meeting, the smallest increase since the central bank began its rate-hike cycle 10 months ago.
But Miller says investors will be listening more closely to Powell's tone and overall comments about the economy.
"It's all going to be about what Jay Powell says," continued Miller, "and Jay Powell so far has made it very clear he is not comfortable with the strength of the market. Time and time again through 2022 he would try to talk market rallies down, and I won't be surprised to hear him do the same thing this week - saying that he thinks the market is ahead of what he foresees for the economy."
