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Fed funds futures now put likelihood of full-percentage-point interest-rate hike on July 27 at 67%

43111 fed funds futures now put likelihood of full percentage point interest rate hike on july 27 at 67

Traders of federal funds futures rapidly readjusted their expectations for the size of the Federal Reserve’s anticipated next rate hike on July 27, by boosting the likelihood of a 100-basis-point hike to 67% after Wednesday’s hotter-than-expected June reading of the consumer price index. That’s up from 7.6% on Tuesday, according to the CME FedWatch Tool, and would lift the fed funds rate target to between 2.5% and 2.75%. The chance of a full-percentage-point hike continued to rise aggressively as Wednesday’s trading session wore on. Meanwhile, traders see a shrinking likelihood of a 75-basis-point rate hike in two weeks, at 33%, down from 92% on Tuesday.

Source: Marketwatch

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