Published October 14, 2014 8:15am EDT | Updated January 8, 2015 2:36pm EST

Markets Now Pricing In First Hike In September 2015

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.