Bond traders have had a major rethink on the path of US interest rates, reducing bets on a series of cuts after stubbornly high inflation readings and strong economic data.
A little more than two weeks ago, traders in the Treasury futures market had put money on the possibility that interest rates could be cut to 4.2 per cent by the end of the year, from the current range of 5 per cent to 5.25 per cent, suggesting three or even four rate cuts. Now that expected tally has dropped to a likely maximum of two, taking rates to 4.7 per cent.
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