CME Dec Fed rate hike probability sees no change

Silent Yellen at Jackson Hole has yielded a broad based sell-off in the USD, although no major changes are noted in the CME Dec rate hike probability. 

The CME FedWatch tool puts the probability of a 25-basis point rate hike in December at 35.8%. While this is slightly higher than the previous day’s print of 32.5%, the probability is still well below 50.00%. 

Essentially, the markets are pricing on balance that Fed will not raise rates again this year. A month ago, the odds of a December rate hike stood at 47%.