‘Drum beats louder’ for a Fed rate hike in June

, International

Federal Reserve chair Janet Yellen. Market expectations of a June hike haven risen substantially this month, following the hawkish tone of the Federal Open Market Committee's April minutes.

More of the market is getting into the June rate hike camp.

Macquarie Capital Securities’ base case now calls for a June rate hike by the U.S. Federal Reserve and says it sees low probability that a decision will be delayed by September. A hike next month would bring the interest rate from a range of 0.25-0.50 per cent to 0.50-0.75 per cent.

Market expectations of a June hike haven risen substantially this month, following the hawkish tone of the Federal Open Market Committee’s April minutes. But rather than react with a wave of volatility, the stock market has reacted calmly, strengthening the case for a June move.

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