Traders price in a Fed hike, not a cut, as inflation data jolts the bond market
After a fresh upside surprise in US inflation data, futures markets shifted to pricing the Federal Reserve's next move as a 25-basis-point hike rather than a cut. The 30-year Treasury yield climbed above 5.1%, its highest in nearly a year. Incoming Fed Chair Kevin Warsh inherits an awkward trade-off between rising prices and an economy that is still expanding.
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