Markets price roughly an 86% chance of a 25 basis point hike Wednesday, with another expected later this year. The awkward part for Chair Kevin Warsh is that the bond market has already delivered much of the tightening, and he has previously described higher yields approvingly as a tightening mechanism. Bloomberg framed the selloff as raising the stakes for him going into the meeting. The Senate's Clarity Act cloture vote lands Tuesday, the day before.