Dow Futures Fall 122 Points as Investors Raise Bets on Two Fed Rate Hikes This Year

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Summary · why it matters

The Dow futures fell 122 points, or 0.24%, to 51,751 points at 8:10 p.m. Thailand time, pressured by the rebound in oil prices and U.S. government bond yields, while investors increased their expectations for interest rate hikes by the U.S. Federal Reserve. The latest FedWatch Tool from CME Group indicates that investors now assign a 66.4% probability that the Fed will raise rates by 0.25% to a range of 4.00-4.25% at its October meeting, up from 55.4% last week, and a 50.3% probability that the Fed will raise rates by another 0.25% to a range of 4.25-4.50% at its December meeting, up from 41.7%. The Dot Plot report shows that 16 of the Fed's 18 officials expect one more rate hike this year. West Texas Intermediate crude rose above 93 dollars per barrel, and Brent crude surged past 105 dollars per barrel, while the yield on 30-year U.S. government bonds climbed to its highest level in 22 years. Meanwhile, the New York Stock Exchange confirmed that Prime Minister Anutin Charnvirakul will ring the Opening Bell at the NYSE today, September 24, at 9:26 a.m. U.S. time, which corresponds to 8:26 p.m. Thailand time. Anutin is the third Thai prime minister to be honored with ringing the bell at the NYSE, following Abhisit Vejjajiva, who rang the closing bell on September 23, 2009, and Srettha Thavisin, who rang the opening bell on September 22, 2023.

Impact on assets 4

Carbon Removal (DAC)▲ · 1 stocks
CME Group Inc
CME
▲ PositiveDemandrelevance

Investors raised bets on two Fed rate hikes, boosting trading activity and demand for CME's FedWatch-based derivatives and rate products.

Others▲ · 3 stocks
％Effective Federal Funds Rate
EFFR
▲ PositiveMonetaryrelevance

Investors increased expectations for Fed rate hikes to 4.00-4.25% and 4.25-4.50%, pushing the effective federal funds rate/yield higher.

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