Traders have further ramped up their expectations for interest rate-hikes after a jam-packed 24 hours that brought strong economic data, higher oil prices and comments from a Fed governor backing further rate increases.
Investors now see a 73% chance that the Fed will lift interest rates again next month, according to CME Group data-up from 55% last week and 11% last month.
Looking further out, investors expect hikes to keep coming. Traders see a roughly 50% chance that interest rates will be at least one full percentage point higher around this time next year-a scenario that was barely on their radars just a month ago.
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