Fed Chair Warsh's Hawkish Comments Trigger Record Treasury Futures Volume, July Rate Hike Odds Jump to 50%

According to CME data released Thursday, June 18, U.S. Treasury futures trading volume surged to a historic high following Federal Reserve Chair Kevin Warsh's hawkish remarks on Wednesday. More than 500,000 contracts traded in a single day, roughly four times the average volume over the previous 20 days. Market pricing for a July rate hike reversed sharply, jumping from near-zero to approximately 50% probability, as traders positioned for potential rate increases at the Fed's late July meeting.
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