Money market swaps now assuming a 41% chance of a Fed interest rate HIKE by October as a result of the surge in Brent crude, up another +1.8% today to $111/barrel. 10yrTY now at 4.37% up from 3.95% a month ago, which is impacting long duration equities most. Hard to know how much more economic and political pain President Trump can withstand to achieve his goals in Iran.
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