"It looks as though the Fed is trying to send as hawkish a signal as it possibly can," said Gennadiy Goldberg, head of U.S. rates strategy at TD Securities in New York. Fed funds futures traders are still pricing in only a partial chance of a further rate hike, with a 29% probability in November and 43% chance by December, according to the CME Group's FedWatch Tool. As they did in June, Fed policymakers at the median still see the central bank's benchmark overnight interest rate peaking this year in the 5.50% to 5.75% range, just a quarter of a percentage point above the current range.
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