CME Group FedWatch's June hike probability settles above 70%

CME Group FedWatch tool, which calculates unconditional probabilities of Federal Open Market Committee (FOMC) meeting outcomes to generate a binary probability tree, shows that the probability of a June rate hike advanced to 73.8% on Friday from 64.6% in the previous day.

Although there were no macro data releases from the U.S., which could increase the odds a rate hike, Federal Reserve Bank of St. Louis President James Bullard's comments may have helped the probability rise. Despite his dovish approach, Bullard said that he would support a June rate hike but was not in favor of more hikes in 2017 as the data were not indicating a risk of faster than desired inflation.

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