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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: yard_man who wrote (4312)4/14/2004 2:03:34 PM
From: mishedlo  Read Replies (1) of 116555
 
Market sees three rate hikes by Christmas
Wednesday, April 14, 2004 5:09:51 PM

WASHINGTON (AFX) -- The Federal Reserve's overnight interest rate target will likely rise to 1.75 percent by the end of the year from the current 1 percent, according to the federal funds futures market at the Chicago Board of Trade. Following Wednesday's surprisingly strong consumer price index report, the market is pricing in faster and more aggressive rate increases from the Fed. While odds of a rate hike at the May meeting remain low, the odds of hike in June rose to 46 percent from 32 percent earlier, based on the July contract. A rate hike in August is fully priced into the market, with a 32 percent chance of a half-point hike. The market predicts further increases at the September and December meetings
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