NEW YORK—Futures on the federal funds rate, which track short-term interest rate expectations, on Friday has priced in a quarter-point tightening by the Federal Reserve either by November or December next year despite a U.S. payrolls report that came in way below expectations.
The fed funds market showed a more than 94 percent chance of a rate hike by November 2022, fully pricing that scenario in December next year. That was more or less the same before the release of the payrolls report.
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