plenty of tape bombs, headlines and Stronger inflation data driving trade today but what affect has all of this have on interest rate cut expectations? per bloomberg using the OIS-FF midpoint model ,probability for 50 bps rate has dropped to 9% down from 30% on yesterdays close.I also keep an eye on the 3year 1month ,and 2yr 1 month forward rates they too are bouncing today ,as the rates are going to zero train takes a needed rest .Eurodollar spreads moving higher and tighter as aggressive rate cuts being priced out. What a move in yen today,wow that will shake the cobwebs out,JPY has been a one way train higher since Aug. 1st as any and all Global worries have pushed the Flight to quality’/ flight to safety bid into Jpy.The currency -1.24% as Longs were sent to the exits.