Daily digest market movers: DXY holds its ground on hawkish Fed bets
- Federal Reserve Chair Powell was seen hawkish on Tuesday and warned that there is little progress on inflation. He also stated that the bank remains data-dependent.
- The possibility of a rate cut in the next meeting in June stands at around 15%, a huge drop compared to the previous week's 60%. Also, the chances for a July rate cut have fallen below 50%.
- The first-rate cut is expected to take place in September with a 95% probability, followed by another in December at a 70% probability.
- The US Treasury yields for the 2-year, 5-year and 10-year Treasury bonds are currently standing at 4.93%, 4.63% and 4.61%, respectively, down on the day. Despite the recent decrease, the 2-year and 10-year yields are at their highest since November.
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