Investors are cranking up bets that the Federal Reserve will raise rates as soon as next week as the resurgence in oil prices triggered by the escalating war in Iran threatens to ignite a fresh burst of inflation.
Markets are pricing in a 38 per cent chance that the Fed will lift rates by a quarter point on Wednesday, up from just 13 per cent a week ago, according to CME Group data based on federal funds futures.
The increase in rate-rise odds highlights how Fed chair Kevin Warsh is coming under growing pressure to show that the US central bank is prepared to contain a fresh jolt of inflation.
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