Intraday Market Thoughts

Archived IMT (2009.06.08)

by Ashraf Laidi
Jun 8, 2009 18:45

We disagree with the Fed funds markets pricing for 30% chance of a rate hike in January, which we deem to be more as a result of sharp back up in short term yields rather than a reflection of economic fundamentals. Recall that the fed funds futures were spectacularly wrong last July/August when they priced as much as 80% chance of a 25-bp rate hike occurring in September 2008which we disagreed with without reserve.


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