Markets are pricing in a 79.4% probability that the Fed will raise interest rates by another 50 basis points to a range of 4.25% to 4.50%
Bond yields fell early on Wednesday as the market continued to parse softer inflation data and awaited the latest interest rate decision from the Federal Reserve.
What’s driving markets Investors are awaiting the U.S. Federal Reserve’s monetary policy decision, due to be announced at 2 p.m. Eastern.However, a cooler than expected reading of consumer price index inflation for November, released on Tuesday, has shifted forecasts for the Fed’s next move. The central bank is expected to take its Fed funds rate target to 4.8% by May 2023, according to 30-day Fed Funds futures, but could reduce that to 4.41% by December next year.
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