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Traders bet on later Fed rate hike with Summers out of picture

Traders are betting the Federal Reserve will keep policy easier for longer now that former Treasury Secretary Lawrence Summers is out of the running to succeed Ben Bernanke as chairman of the U.S. central bank.Summers, a former top aide to President Barack Obama, was widely regarded as likely to be more "hawkish" than current Vice Chair Janet Yellen, who was also a candidate and is now deemed the new front-runner. Obama has also said he was considering former Fed vice chair Donald Kohn to succeed Bernanke, whose second term expires in January.Traders now give a 55 percent probability of the first rate hike in December 2014, and 68 percent chance in January 2015, according to CME Group's Fed Watch, which generates probabilities based on the price of federal funds futures traded at the Chicago Board of Trade. On Friday, traders saw a better-than-even chance of the first increase in October 2014.Summers' withdrawal on Sunday came in the face of mounting opposition from within Obama's own ...

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  1. Summers Exit Reshapes Race to Replace Bernanke

    Investors are breathing a sigh of relief after Larry Summers dropped out of the Fed chief race, but the renewed uncertainty about who will succeed Ben Bernanke could...

  2. Summers Withdraws From Consideration For Fed Post

    Larry Summers, the former White House economic adviser and Treasury secretary and onetime Harvard University president, has asked that his name be withdrawn from con...

  3. Mounting Challenges to Potential Larry Summers Fed Confirmation

    FBN’s Peter Barnes on the growing rumors over who the President will nominate as the next Federal Reserve Chairman.

  4. Tester To Vote 'no' On Summers

    Sen. Jon Tester, a Democrat from Montana, will not support Larry Summers to be the next chairman of the Federal Reserve, according to a spokeswoman Friday. Tester's ...

  5. U.S. Experts Back Singapore Suicide Findings

    Two U.S.-based medical examiners agreed with a Singaporean pathologist's findings that an American engineer died by hanging in what appeared to be a suicide in the c...

  6. Senators Want Dodd-Frank Exemption

    A bipartisan group of 12 senators is seeking to exempt non-financial companies from new rules to make banking safer, breathing new life into efforts to reduce the sc...

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