The Federal Reserve's upcoming FOMC meeting on June 14-15 holds significant implications for markets and the economy, with bond investors anticipating a pause in the June meeting but foreseeing potential rate hikes resuming as early as July. This has led to a cautious repricing of U.S. Treasury yields, with the iShares 1-3 Year Treasury Bond ETF (NYSE:SHY) falling 1.2% in the past month. The ETF's performance is directly impacted by the Fed's interest rate decisions, and the current uncertainty surrounding the future of the rate hiking cycle is likely to continue exerting downward pressure on SHY in the short term.