Was July the Last Hike of This Rate Cycle?

The FOMC was at top of mind for investors this week, with a hike on July 26 viewed (accurately, as it turns out) as a virtual certainty. On Monday, the CME’s FedWatch tool put the probability of a 25bp hike (to 5.25%-5.50%) at 98.6%. 

Fundstrat Head of Research Tom Lee agreed with this view going into Wednesday, but he was more interested in the post-meeting press conference and what it meant for the Fed’s path going forward. “It is the qualitative views around the Fed’s sense o...

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