The 10-year Treasury yield fell 40 bps during the week.
This week, the year-end CME Fed funds futures fell 15 bps. By the end of the year, the Fed funds rate will be 78 bps lower.
Figure 1: Fed funds (bold black), CME futures are quoted as 7/26 (teal), from 8/2 (red), in %. Source: Fed via FRED, CME, author’s calculations.
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