50 Bps cut?

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.

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