The recent rally in bonds has driven fed funds futures higher to the point where there's now a 57% hike of a first Federal Reserve rate hike in September 2015, according to the CME Group's FedWatch tool. Previously, the market had been pricing in a hike in June. Currently, fed fund futures are pricing in an 18% chance of a first hike in June and a 36% chance of a first hike in July.
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