Cleveland Fed President Signals Rate Hikes Needed to Combat Inflation; Market Bets on 65% Probability of September Hike

According to Odaily, Cleveland Fed President Hammack recently signaled that the Federal Reserve may need to raise interest rates to curb persistently high inflation. Currently, interest rate futures traders see roughly a 15% probability of a Fed rate hike in July and about a 65% probability of a rate hike in September. (Jinshi)