Following Yellen’s uncharacteristicaly hawkish tone, the odds of a July rate-hike have shot higher – now higher than June or September have ever been – to record highs. This has sent short-term bond yields higher, the yield curve dramatically flatter, stocks lower, and gold down…
July Rate hike odds soar… (note these are the odds of a rate hike in that month – which suggests The Fed will be “one more and done”)
and the reaction in asset markets as bonds close early and correelations break down…
Big flattening in the yield curve suggest the market remains doubtful that this is the right move.
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