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Interest rate hike likelihood rises to 58%
After a speech emphasizing the need to curb inflation quickly enough, the U.S. Federal Reserve raised the probability of raising interest rates at its upcoming meeting from 35% to 58%. This led to U.S. 2-year Treasury bond yields rising to 4.34%, along with strong gains in the dollar, and a drop in gold prices of more than 3% due to the increase in yields. Markets are now heading toward the U.S. employment report for August, which is expected to show an addition of around 55,000 jobs. Investors are watching how the employment data will influence the future path of monetary policy, especially as expectations remain high for a rate hike if signs of persistent inflation or rising wages appear.
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