As shown in the inset below, the Bespoke Countdown To Liftoff has been very volatile recently, oscillating around a December date for the first expected hike in the Fed funds rate. The most recent move lower has been catalyzed by a strong CPI report Friday and a bout of Treasury selling today despite continued Greece concerns.  While rates have moved out the expected date of liftoff consistently since mid-March, the trend towards a slightly later date (rather than pushing out indefinitely) has been firmly in place.

Countdown to Liftoff 042015

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