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Non-Tech : Moguls Mantra to the Markets
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To: $Mogul who wrote (126)7/27/2001 10:38:51 AM
From: $Mogul  Read Replies (1) of 220
 
Fed easing expectations have increased somewhat following the weaker-than-expected GDP report as growth remains too slow for the Fed to contemplate a rate hike. The September Fed Fund futures contract is pricing in a rate of 3.52%, or about a 92% chance of a 25 basis point rate cut at the Aug. 21 FOMC meeting, up from about an 86% chance at Thursday's close. And the October contract is pricing in roughly a 35% chance of another 25 basis point cut at the Oct. 2 FOMC meeting, up from around a 25% chance Thursday. Further out, the March 2002 eurodollar contract is now pricing in a rate of 3.895%, down from 3.945% at Thursday close as the market continues to reduce expectations for a rate hike in the first quarter of next year. At the end of June, the March 2002 eurodollar contract was pricing in a rate of 4.50% as expectations built that the Fed could raise rates by 50 basis points by the end of the first quarter of next year. The market continues to price in most of one rate hike early next year but now prices in no chance of two.
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