Markets are increasingly expecting the Federal Reserve to implement a series of interest rate hikes, with a planned increase at the upcoming meeting and projections for at least three more hikes by June 2026. The effective federal funds rate currently stands at 3.63%, within a target range of 3.50% to 3.75%. Odds of a rate hike by the September 15-16 meeting have surged to 78.5%, up from 54% just 24 hours ago, while the probability of an increase before the October meeting has climbed to 81.5%.
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