The Fed Fund Futures: The Driver of the Market

I watch the Fed Fund futures because I think it's the driver. It tells you the behavioral finance aspect of what people are looking for. The market wasn't paying attention to the fact that the bond market said, you know what? Shove it up your ass. We have less than a 10% chance of another rate hike. And odds of a rate cut in January from 32% to 38%. They marched from 59% to 64%. So let me be clear: If the driver of the market of being bullish is that the Fed's going to be, we're pretty much starting to price that.

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