Traders have built up bets that the Federal Reserve could raise interest rates again, a once-unthinkable prospect that highlights a shift in market expectations after stronger than expected US economic data and hawkish comments from policymakers.
Options markets now suggest a roughly one in five chance of a US rate increase within the next 12 months, up sharply from the start of the year, according to analysts.
The shift in expectations has hit bond markets, with interest rate-sensitive two-year Treasury yields — which move inversely to prices — reaching a five-month high of 5.01 per cent. Wall Street stocks incurred their longest losing streak in 18 months before jumping on Monday.
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