Some dovish comments in the Fed minutes put a bid in Fed Funds futures yesterday, pushing expectations for the first Fed Funds rate hike back a month, from October to November.  In practice, this means an increase in the likelihood of a first hike taking place at the December meeting, and decreased likelihoods of June or September rate hikes.  For now, the expectation has been for a push out from where the market was positioned as of yesterday.

Countdown to Liftoff 021915

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