October Fed Hike Odds Collapse. Here's Why.
Two weeks ago, the Fed hiked rates for the first time in three years, and the market quickly priced in a real chance of a second hike in October, with odds running as high as 70% or more at one point last week. By today, those odds had collapsed to somewhere around 17% to 25%. That's a genuinely large swing, and it happened for two separate reasons, not one.