I'm reading from Tony Crescenzi today that the fed funds market is now priced for 26% odds of a hike at the Aug. 8 FOMC meeting, down from 45% yesterday.
The odds of a hike on Aug 8 were at 90% immediately after the release of the June consumer price index last Wednesday.
The market is priced for 31% odds of a hike at the Sept. 20 FOMC meeting, down from 50% yesterday and 100% last Wednesday.
Weaker than expected GDP, higher prices, lower cap ex = the indexes gap up singing the fed is done. Fool me once, shame on you, fool me twice, shame on me, fool me a dozen times in a row with the same lame fed-is-done schtick and call it the stock market...g
