Chance of a June hike ticks higher
There is no prospect of a Fed hike at the Wednesday FOMC but the intrigue lies in signals about the June 15 decision.
The Fed funds futures market continues to price in a low probability of a mid-year hike but it's ticked higher in the past week.
After falling as low as 14% on April 15, it's risen to 23% today.
I believe the Fed will want to push those odds higher in order to keep the possibility of a hike on the table. That would hurt stocks and underpin the US dollar.
