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Bad news is still good news... but the bad news is mounting

Bad news is still good news... but the bad news is mounting
The market is increasingly comfortable that the Fed has hit the terminal top and will cut rates by 100 basis points in 2024.US 10-year yields are down 10 bps to 4.22% today and Fed funds futures are implying a lower path from Powell ahead of Jackson Hole. The impled probabillity of a hike in Sept is just 11%, though that rises to 30% in November. From there, pricing is increasingly dovish and it's not surprise given that today's US services PMI from S&P Global disappointed, along with soft readi... Read More
Posted: Aug 23 2023, 15:13
Author Name: forexlive
Views: 102060

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