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Moment of Truth Approaches on Federal Reserve Pick, Inflation Numbers Increase Pitch of Criticism, Clarida Resigns

The CPI data came in pretty hot and traders in the Fed Funds futures markets now seem to believe that a July interest rate hike is much more likely. The reading came in at a white hot 6.2% YoY change on an estimate of 5.9%. The implication is that rates have about 80% chances of being raised in July based on the futures market.

The curve is flattening in response to the hot numbers and generally some in the bond market still seem very convinced that the Fed is behind the curve. It is possible, ho...

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