Forex News Rate futures settle lower across the curve after a bouncy day that saw prices seesaw for most of the session. Futures were guided by moves in stocks with no data on tap. Late in the day, hawkish comments from Minneapolis Fed President Gary Stern knocked prices solidly lower. Quarterly Eurodollar futures contracts were down by as much as 10.5BP, with Treasury futures also under pressure. Near term fed funds future contracts were unchanged though, still pointing to a Fed on hold at the Aug. 5 FOMC. Odd for a 2.25% rate at that meeting were unchanged from Thurs., at 7%. Longer-term expectations though moved up, with the Nov. contract showing a 78% chance of a 2.25% rate at the end-Oct. FOMC compared to 74% Thursday and up from 44% on Tuesday.
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