I was a bit early or CME Fedwatch a little late on rate hike odds as discussed in my previous post FOMC Median Fed Projection Still Two Hikes – Market Laughs.

The odds of a hike this year just crashed. The market even places small odds the next move will be a cut.

CME Fedwatch now has this update.

Fedwatch 2016-06-15A

I suspect I was looking at odds before Yellen started yapping.

Mike “Mish” Shedlock