Russell futures slide as FOMC dot plot turns hawkish.

June Russell futures saw volatility today as market participants reacted to the latest FOMC interest rate decision. While the committee opted to hold rates steady, the updated dot plot signaled a more hawkish outlook among members, with 9 of 18 officials pointing toward a potential 2026 rate hike. Bob Iaccino notes that this shift, combined with the removal of easing bias language, pushed short-term Treasury yields higher-a development that poses a headwind for the index due to the high concentration of floating-rate debt among its constituents. Additionally, the ongoing Russell reconstitution is expected to drive increased volume and potential liquidity pressure as funds adjust positions ahead of the June 26th effective date.